Apple iPhone Update: 2023 is proving to be a very important year for Apple in India. The company is achieving record numbers in terms of sales of its products. Apple has opened not one, but two retail outlets in the country. Reports say that Apple stores in Mumbai and New Delhi are doing very well. Now a report suggests that India has become Apple’s fifth largest market. According to a CNBC report citing Counterpoint Research, India has overtaken Germany and France in terms of iPhone sales. According to Counterpoint, according to data released for the June quarter, the US, UK, China and Japan are ahead of India.
Apple’s market share in India
While the numbers are encouraging, Apple’s overall market share is still very low. According to Counterpoint Research, Apple’s market share in India was 5.1%. This number is low but up from last year when Apple’s share was 3.4%. As reported by CNBC, India contributed around 4% to the total iPhone sales in the June quarter. The report states that Apple has shown 50% year-on-year growth. The premium smartphone market in India has grown over the years. While companies like Xiaomi and Samsung have dominated the budget and mid-range segments due to their presence, Apple has dominated the premium smartphone market. Over the past few years, smartphones priced above $400 (roughly Rs. 35,000) now account for 10% of the total smartphone market in India. Before the Covid-19 pandemic, this figure was around 4%.
Apple has two physical stores in India
According to reports, Apple also plans to increase assembly of its devices in India. A report by Morgan Stanley says that India will become an even bigger market for Apple in the next five years. We tell you that Apple opened its two physical stores in India last April. The first is Apple BKC at Jio World Drive in Mumbai on 18 April 2023 and Saket Apple Saket is the second physical store in Delhi on 20 April 2023. The company’s CEO Tim Cook and top executives of the company that looks after the retail business also came to India for the opening of this physical store, which shows how important the Indian market is to Apple.
What is the Apple Store?
The Apple Store is a retail store known for its user experience more than its product sales. The main focus of the world’s most popular brand is to acclimate users to Apple’s ecosystem. Employees working at Apple stores are called Apple Geniuses, who explain Apple products to customers. At the Apple Store, customers can try out as many products as they want before purchasing. Apple’s first physical retail store opened on May 15, 2001, at Tyson’s Corner Center Mall in Virginia, near Washington, DC. Apple currently has retail stores in the US (over 300), UK (over 200), China (44), Canada (28), Australia (22), France (20), Italy (17), Germany (16). , Japan (10), Spain (11), Hong Kong (6), South Korea (5), United Arab Emirates (4), Turkey (3), Thailand (2), Taiwan (2), Switzerland (3), Sweden (3), Singapore (3), Netherlands (3), India (2), Mexico (2), Macau (2), Brazil (2), Belgium (1) and Austria (1).
Look to India for iPhone manufacturing as well
Apple is not only expanding its market in India, it is also focusing here for the manufacturing of its products. The government’s Production Linked Incentive i.e. PLI scheme for mobile manufacturing companies is encouraging Apple to manufacture iPhones in India. It is reported that by 2025 the company will manufacture 18 percent of its total iPhones in India. Currently it is 7 percent. As reported by Economic Times, Bank of America India Head and Managing Director Amish Shah said that we believe that India can be a reliable international supply chain option for mobile phones / electronics. We believe India’s efforts to reduce imports/increase exports could improve its macro-outlook.
