India is on track to become Apple’s third-largest market by 2026, following the United States and China. This growth is fueled by rising demand for premium products, aggressive festival discounts, and the availability of easier financing options, making iPhones more accessible to Indian consumers. In FY24, Apple’s local sales are expected to rise by up to 20%, with iPhone shipments reaching 15 million units.

Growth Trajectory and Market Potential

Currently, India ranks as Apple’s fifth-largest market, trailing the US, China, Japan, and the UK. However, robust growth in India contrasts with the company’s challenges in China, where market share has declined due to competition from local players like Huawei. Apple’s share in China dropped from 24% in Q4 FY23 to 14% in Q3 FY24, while India continues to emerge as a key growth driver for the company.

iPhone Sales Surge in FY24

In the first three quarters of FY24, Apple shipped 8.5 million units to India, already surpassing the total sales for 2023. An additional 4 million units are projected to be shipped in Q4, propelled by the strong demand for latest iPhone models. By 2025, iPhone shipments in India are forecasted to reach 14-15 million units, positioning Apple among the top five smartphone brands in the country.

Pricing and Localisation Impact

While sales volumes are increasing, Apple’s average selling price (ASP) in India has softened, reflecting the effects of localisation and reduced import duties. The ASP dropped from US$ 1,084 (Rs. 92,874) in Q3 FY23 to US$ 958 (Rs. 82,078) in Q3 FY24. This trend is expected to continue into 2025, making iPhones more competitively priced for Indian consumers.

Expanding into Tier 2 and 3 Cities

Apple is also focusing on expanding its presence in tier 2 and 3 cities, tapping into untapped demand for premium smartphones. The company’s flagship stores in Mumbai and Delhi, along with plans for further retail expansion, aim to enhance the brand’s visibility and accessibility across India.

Apple’s strategy to leverage India’s premium smartphone market, combined with its investments in localisation and infrastructure, positions the country as a critical market for its global growth ambitions. As India transitions into Apple’s third-largest market by 2026, the company is set to play a pivotal role in shaping the future of India’s technology ecosystem.

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