As India doubles down on native manufacturing, Apple assembled iPhones price greater than Rs 1 lakh crore in India in 2023, in response to trade knowledge.
Driving on the premiumisation pattern in India, iPhones grew 28 per cent from 4 per cent market share in 2022 to greater than 6 per cent in 2023, in response to newest trade knowledge.
Within the fourth quarter of 2023 alone, iPhone shipments noticed seven per cent development in India, in response to CMR knowledge accessed by IANS.
Apple’s This fall 2023 efficiency in India paints an image of robust measured progress in a vital development market.
“The 28 per cent YoY development in iPhone shipments in 2023 underlines Apple’s long-term development potential in India. I imagine India will energy Apple’s development over the following decade, similar to China did within the earlier one,” stated Prabhu Ram, Head, Business Intelligence Group at CMR.
The iPhone 15 grew on the again of the rising premiumization pattern in India.
“The continued significance of older technology iPhones, together with the iPhone 14 and 13 sequence underscores the effectiveness of Apple’s affordability initiatives and focused retail methods in interesting to a broader spectrum of Indian customers, contributing to the general development,” Ram informed IANS.
As India doubles down on native manufacturing, Apple assembled iPhones price greater than Rs 1 lakh crore in India in 2023, in response to trade knowledge.
Nevertheless, in response to trade sources, the precise market worth of the iPhones manufactured/assembled in India could possibly be a lot greater, relying on taxes in different nations.
Apple’s manufacturing in India is a part of the objectives set underneath the production-linked incentive (PLI) scheme.
Led by Apple, India is about to cross $15 billion (over Rs 1,24,000 crore) in cell phone exports within the present fiscal yr (FY24), posting a development of 35 per cent during the last fiscal yr.
Apple’s income in India hit practically Rs 50,000 crore in FY23, with gross sales rising 48 per cent to Rs 49,321 crore and web revenue rising 76 per cent to Rs 2,229 crore — quickest development of web revenue for Apple in India within the final 5 years.
