Apple continued its impressive run in its next big growth market, India, shipping more than 9 million iPhones from January to September 2024. This represents 35% year-over-year growth for iPhone shipments in the country.
The company also increased its lead over Samsung, the previous leader in India’s smartphone market.
iPhones dominate the high-end market in India
iPhone demand spiked in India over the last few years. The surge in iPhone sales shows that India is on track to become Apple’s next big growth market. In the last decade, a big chunk of the company’s enormous revenues came from another rapidly growing market: China. India is next.
Despite being expensive, Apple devices are seen as an aspirational product in India. Broader availability, rising consumer purchasing power, and improved financing options keep making it easier for more customers to purchase iPhones.
As per IDC, Apple grabbed 28.7% of the smartphone market in India in Q3 2024. In comparison, Samsung’s share eroded to 15.2%, down by 7.3% from Q1. The gap will only grow further, as the October-December quarter is typically the strongest one for Apple.
In Q3, Apple company reportedly shipped 4 million devices, with the iPhone 15 and iPhone 13 being the hottest sellers. This apparently marks the highest number of iPhones the company ever shipped to the country in a quarter.
In the same period, Samsung’s India shipments declined by 20%, leading to its market share reducing to 12.3%. Apart from Apple at the high end, Samsung faces stiff competition from Chinese players in the low-end and midrange segments.
Apple enjoys a high ASP in India
Despite India being a price-sensitive market, Apple’s average selling price in the country hovers around $950, reports MoneyControl. That’s almost three times more than Samsung’s average selling price of between $320 and $350.
IDC analysts predict the company could ship more than 12 million iPhones this calendar year, a notable increase from 9 million in 2023. Apple already saw its revenue soar 33%, hitting a record high in India in the last fiscal year.
Apple still trails other Chinese brands like Oppo, Vivo and Realme in India. Overall, Apple ranks as the sixth-largest smartphone brand in the country, with an 8.6% market share. However, it registered an impressive 58.5% growth year over year.
Thanks to the strong demand, Apple wants to grow its retail footprint in India. The company currently operates two retail stores in the country, with plans to open four more in 2025.
