• Tuesday, March 05, 2024

Business

For the first time in a calendar year, Apple tops in India smartphone revenues

The American tech company surpassed 10 million units in shipments and one researcher attributed its success to factors such as opening of its retail stores in India, increased focus on large-format retail through regular promotions, and others. 

Apple CEO Tim Cook shakes hands with Indian prime minister Narendra Modi in New Delhi on Wednesday, April 19, 2023. (ANI Photo)

By: Shubham Ghosh

INDIA’S smartphone shipments remained steady in 2023 at 152 million units, with Apple surpassing 10 million units in shipments, seizing the top revenue spot for the first time in a calendar year, a report showed on Wednesday (31).

Samsung claimed the top position with 18 per cent share, a first since 2017, according to Counterpoint Research.

Vivo was in the second spot with 17 per cent share and dominated the affordable premium segment (Rs 30,000-Rs 45,000) with a 33 per cent share.

Xiaomi slipped to the third place overall in 2023 but led in Q4 2023 with an 18.3 per cent share. OnePlus experienced a 33 per cent year-over-year (YoY) growth in 2023, fuelled by offline expansion and a stronger product portfolio in the affordable premium segment.

Read: iPhone 15 production starts In India as Apple looks to diversify from China

The share of 5G smartphone shipments crossed 52 per cent in India, witnessing a 66 per cent YoY growth.

CMR India reported that iPhone shipments grew by 28 per cent in 2023, enabling Apple to capture a six per cent market share. In the fourth quarter of 2023 alone, iPhone shipments saw a seven per cent growth in India.

Read: Apple supplier Foxconn to increase India investment to $550m

“Driven by the premium segment’s growth and 5G upgrades, India’s smartphone market grew 25 per cent YoY in Q4 2023 after declining for a year,” senior research analyst Shilpi Jain was quoted as saying by Indo Asian News Service.

Jain expected the market to grow by five per cent YoY next year, driven by premiumisation, the expansion of 5G into lower price bands, and improved macroeconomic conditions.

The premium segment experienced a 64 per cent YoY growth, fuelled by accessible financing schemes prompting consumers to invest in higher-priced smartphones.

Shubham Singh, a research analyst, highlighted Apple’s success, attributing it to the opening of its retail stores in India, increased focus on large-format retail through regular promotions, and attractive trade-in values luring consumers to transition to iOS.

(With agency inputs)

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