Apple reports strong growth in India

Apple reports strong growth in India

Riding on the success of its iPhone 13 model, Apple Inc. registered a third straight quarter of “double-digit growth” in India, confirming its leadership of the premium smartphone market and moving closer to a ranking among the top five phone brands in the country.

During the quarter, Apple India registered its record revenue and iPhone shipments, Apple CEO Tim Cook said. “We’re bringing retail there and bringing the online store there and putting a significant amount of energy there. I’m very bullish on India,” Cook said during Apple’s quarterly earnings call on Thursday.

Analysts attributed much of Apple’s growth to its aggressive promotions during festive season sales. The iPhone 13, for instance, was available at under 50,000 during the first week of 2022’s festive season sales in September last year, and it topped shipment charts during last year’s festive season.

According to researcher Counterpoint, iPhone 13 was the top-selling product in the overall Indian smartphone market last October. Apple was also the leader in the premium smartphones segment of devices priced above 30,000, capturing 50% of the market in the December quarter, too, according to Counterpoint. Further, It had a 42% market share for the whole of 2022. Samsung was ranked second with a 21% market share, followed by OnePlus with 11%. Premium devices accounted for 16% of all devices in the December quarter and 11% for 2022.

The June and September quarters also set “all-time revenue records” for Apple in India. Its good December quarter performance in the country comes at a time when the Cupertino-based technology company saw its December quarter global revenue decline due to the disruption of iPhone production in China.

“We feel very good about how we performed, and that’s despite the headwinds that we’ve talked about. Taking a step back, India is a hugely exciting market for us and is a major focus,” Cook said.

In the December quarter, Samsung led the overall phone market with a 20% market share in India, according to quarterly shipment data from Counterpoint published on 27 January. Vivo, Xiaomi, Oppo and Realme were the other brands in the top five with 18%, 18%, 11% and 8% market shares, respectively, during the period. Apple was close behind Realme at sixth place with nearly 8% market share for the December quarter’s shipments, according to the Counterpoint note. Apple’s overall 2022 market share stood at 4.5%.

According to Prachir Singh, senior research analyst at Counterpoint, Apple’s rise in fortunes also comes amid a phase of decline for the overall smartphone industry. Singh added that while Apple’s market share grew 12% from a year earlier in the December quarter, the overall Indian smartphone industry saw a 20% decline during the same period. Apple shipped nearly 7 million units during 2022, according to industry analysts—a growth of around 16% y-o-y in a year when the rest of the smartphone industry saw a 9% y-o-y decline to ship 152 million units last year, according to the Counterpoint report.

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