Last year, Apple manufactured iPhones valued at over Rs 1 lakh crore in India, significantly increasing production from the previous year. In the same period, made-in-India iPhones worth Rs 65,000 crore were exported from January to December (Apple leads Indian smartphone revenues).
In 2023, Apple’s iPhone shipments surpassed 10 million units, propelling it to the top spot in revenue for the first time in a calendar year, as reported by Counterpoint Research. CMR India noted a 28 percent growth in iPhone shipments, securing a 6 percent market share (Apple leads Indian smartphone revenues).
The fourth quarter of 2023 alone witnessed a 7 percent growth in iPhone shipments in India.
Counterpoint’s research analyst, highlighted the focus of Apple on India, surpassing the 10-million-unit milestone and capturing the top revenue position for the first time.
This success is attributed to robust demand for both the latest and older iPhones. Singh noted that the opening of Apple’s retail stores, emphasis on large-format retail through promotions, and higher trade-in values contributed to increased offline shipments. Additionally, the appeal of transitioning to iOS played a role.
Furthermore, Apple’s production of iPhones in India exceeded Rs 1 lakh crore in the previous year, reflecting a substantial increase in output. Of this, iPhones worth Rs 65,000 crore, produced in India, were exported from January to December (Apple leads Indian smartphone revenues).
Apple is reported to have exceeded production-linked incentive (PLI) scheme targets, potentially enabling additional residual incentives for its contract manufacturers.
In 2023, Samsung claimed the top spot with an 18% share, marking its first time leading since 2017, according to Counterpoint data. Xiaomi, while slipping to third place for the year, dominated the October-December 2023 period with an 18.3% share. This was attributed to its strategy of launching 5G phones in the affordable segment, expanding its offline presence, and maintaining a streamlined portfolio.
In 2023, Vivo secured the second position with a 17% share and dominated the affordable premium segment (Rs 30,000-45,000, ~ $360-$540) with a 33% share. Counterpoint data revealed that India’s smartphone shipments remained stagnant at 152 million units in 2023. However, the 5G smartphone shipment share surpassed 52%, exhibiting a remarkable 66% year-on-year growth.
Analysts noted a 64% year-on-year growth in the premium segment (>Rs 30,000, ~ $360) in 2023, driven by accessible financing schemes that encouraged consumers to move into higher-priced smartphone categories. Financing played a significant role, constituting one-third of smartphone purchases in 2023.
The overall smartphone market in India experienced a 25% year-on-year growth in Q4 2023, rebounding after a year of decline.
The extended festive season, coupled with steep discounts, easy financing, and enticing promotions, fueled this growth, according to a senior research analyst at Counterpoint.
Throughout the year, many Original Equipment Manufacturers (OEMs) focused on bringing 5G technology to the lower price segments, aligning with changing consumer preferences.
The last quarter of 2023 concluded with healthy inventory levels compared to the previous year, setting a positive tone for growth in the upcoming year.
Analysts anticipate a 5% year-on-year growth in the smartphone market in the following year (Apple leads Indian smartphone revenues), driven by the trend of premiumization, increased availability of 5G in lower price bands, and improved macroeconomic conditions.
