New Delhi: Apple, with its aspirational image and rising footprint, has entered the top 5 smartphone players in India for the first time, garnering nearly 10 per cent market share by volume in the October-December quarter (Q4) of 2024, industry data showed on Thursday.
According to Counterpoint Research, which analysed Apple’s strategic approach, the implementation of a comprehensive three-dimensional (3D) strategy, centred around key pillars of domestic manufacturing, distribution and driving premiumisation, has helped the brand break into the top 5 smartphone players in the country.
“This multi-faceted approach reflects Apple’s commitment to staying ahead in the market and catering to the evolving needs of consumers. There is a significant rise in the premium segment as we are witnessing incremental purchase behaviour in rising middle class in India, especially youth,” Tarun Pathak, Research Director, Mobile Devices and Ecosystems at Counterpoint Research, told IANS.
Apple, with its aspirational image and rising footprint has become an obvious choice for young consumers in India, especially beyond tier 2 cities.
“For Indians, the iPhone is more than a smartphone; it’s a lifestyle statement,” said Pathak.
Driven by the government’s production-linked incentive (PLI) scheme and rising premiumisation trend, Apple reached Rs 1 lakh crore in iPhone exports from India in the calendar year 2024. According to early industry estimates, Apple exported more than $12 billion worth iPhones last year, which is more than 40 per cent growth from 2023.
Apple’s domestic production has surged nearly 46 per cent from a year ago, as per estimates. The Cupertino (California)-based tech giant manufactured/assembled $14 billion of iPhones in India last fiscal (FY24), with exporting more than $10 billion worth of iPhones.
Meanwhile, the Apple ecosystem has also created 1,75,000 new direct jobs in four years with “over 72 per cent women”. Apple’s strategic approach in India over the past year has resulted in significant achievements and increased market importance, according to industry experts.
Apple’s growth in India is expected to continue with significant momentum in the coming year, driven by aggressive retail expansion, targeted marketing strategies, and a deeper penetration into the aspirational Indian market.