Apple is expected to command a large share of India’s smartphone sales, with the high-end iPhone 15 Pro and Pro Max models accounting for most of its shipments.
The company will account for 7 percent of smartphone sales in the country from July to December, up from 5 percent in the first half of 2023, according to market researcher Counterpoint data shared exclusively with Reuters.
The tech giant is touting India as its next big growth driver amid declining sales of its flagship device. Its suppliers are also expanding manufacturing operations in the region amid weak demand and regulatory pressure. China.
Wait times in India for Apple’s latest 15 Pro and Pro Max models, which went on sale on Friday, have stretched to late October, mirroring trends seen in China and the US.
Counterpoint estimates that the models will account for 25% of overall iPhone 15 shipments in India in the fourth quarter, a 4% increase from the top-range models of the previous generation a year ago.
“The premium smartphone market in India has climbed sharply from 0.8 percent of the total market in 2019 to 6.1 percent in the first half of 2023, largely due to the success of Apple,” said Nabila Popal, research director at market intelligence firm IDC. , said.
According to IDC data, Apple is the largest player in the $800-plus smartphone segment in India, with a 67 percent share in the first half. Samsung accounted for 31 percent of this segment.
Apple opened two flagship stores in the country earlier this year and CEO Tim Cook said in August that the company had “record” revenue in India in the June quarter.
Still, Apple may have to outpace sales in the company’s major markets before the country.
Morgan Stanley estimated in a note earlier this month that Apple’s revenue from India is about half that from China.