(Reuters) – Apple is expected to capture a larger share of India’s smartphone sales, with the high-end iPhone 15 Pro and Pro Max models accounting for a larger share of shipments.
The company is expected to account for 7% of all smartphone sales in the country from July to December, up from 5% in the first half of 2023, according to data from market researcher Counterpoint shared exclusively with Reuters.
The tech giant has touted India as the next big growth driver amid declining sales of its flagship device. Its suppliers have also ramped up their production activities in the region amid weaker demand and regulatory pressure in China.
Wait times for Apple’s latest 15 Pro and Pro Max models, which go on sale on Friday, will last until the end of October in India, mirroring trends in China and the US
Counterpoint estimates that these models will account for 25% of total iPhone 15 shipments in India in the fourth quarter, a 4% increase compared to what the previous generation’s top models accounted for a year earlier.
“The premium smartphone market in India has grown tremendously, from 0.8% of the total market in 2019 to 6.1% in the first half of 2023, and this is largely due to Apple’s success,” says Nabila Popal, research director at the market research company IDC. said.
According to IDC data, Apple is the largest player in the $800-plus smartphone segment in India, with a 67% share in the first half of the year. Samsung accounted for 31% of the segment.
Apple opened two flagship stores in the country earlier this year and CEO Tim Cook said in August that the company had achieved “record sales” in India in the June quarter.
Still, Apple still has a long way to go before the country can match the sales achieved in the company’s key markets.
Morgan Stanley estimated in a note earlier this month that Apple’s revenue in India is about half that of China.
(Reporting by Yuvraj Malik in Bengaluru; Editing by Shounak Dasgupta)
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