The June quarter of 2023 marked a pivotal period for the tech mammoth, Apple. Its CEO, Tim Cook, personally inaugurated the first two Apple Stores on Indian soil, while concurrently, the company recorded its highest-ever iPhone revenue in the country.
During a quarterly call, Cook revealed, “The June quarter brought us a record-breaking revenue in India, with substantial double-digit growth. We’re thrilled with the performance of our newly launched retail stores, already exceeding our estimates. Our efforts are channeled towards enhancing our direct-to-consumer offerings and expanding our presence.”
Despite a relatively modest market share in India, the world’s second-largest smartphone market, Cook seemed undeterred. “Our foothold may be humble, but the growth potential is tremendous. We’re channeling all our efforts to realize this opportunity,” he stated. ‘
Also read: DCS Card Centre: Revolutionizing FinTech with Heritage & Innovation
The Indian smartphone market is largely saturated by mid-segment phones, yet the aspirational value of the iPhone has contributed to Apple’s rising market share. A recent CyberMedia Research report validates this, stating that Apple captured a 5% market share in Q2 2023 – a noteworthy YoY increase of 62% in iPhone shipments. Apple dominated the premium segment (>Rs 25,000), securing a 25% share.
Prabhu Ram, Head of Industry Intelligence Group (IIG) at CyberMedia Research, noted, “Apple’s formidable growth in Q2, 2023, can be attributed mainly to the iPhone 14 series, followed by the older iPhone 13 series.”
Analysts concur that Apple’s growth trajectory in India is solid and expect its market share to hover around 7% by year-end.
Reflecting on the performance of Apple Stores in India, Cook expressed satisfaction, saying they surpassed expectations. He also spoke of Apple’s venture with Acumen, a global non-profit, to foster clean energy innovation in India, underlining the tech titan’s commitment to enhancing local livelihoods.
Source: Business Today
