Apple has notched up a historic achievement in the Indian smartphone market. During the third quarter of 2023, the tech giant recorded its highest-ever quarterly shipments, exceeding 2.5 million units. This feat signifies a striking 34 per cent year-on-year (YoY) growth, marking a watershed moment for Apple’s presence in India.
Amid India’s burgeoning smartphone landscape, Apple’s impressive performance is attributed to its adept timing in capitalising on the premiumisation trend that has taken root in the world’s second-largest smartphone market. The company has coupled this with enticing financing offers, which have evidently resonated with consumers.
“Experiencing a high-growth phase in India, Apple recorded 34 per cent YoY growth. Q3 2023 also marked the best quarter for Apple’s shipments in the country, which crossed 2.5 million units. Premiumisation has started in the world’s second largest smartphone market and Apple has again got the timing right to benefit from this trend through its devices and financing offers,” said Counterpoint’s Research Analyst Shubham Singh.
However, Apple is not the sole player in the Indian smartphone arena. While Apple soared to new heights, the overall smartphone shipments in the country remained relatively stable during this period, noted the Counterpoint report. Following a protracted period of decline, the market showed signs of a revival, with consumer demand gradually picking up, aligning with the festive season.
Key features like 5G connectivity and increased RAM (8GB) began permeating affordable smartphone options, alluring buyers across various price segments. Manufacturers started to introduce innovative financing schemes, bolstered by partnerships with financial institutions, enticing consumers with the prospect of owning a new device at a manageable per-day cost.
Samsung secured its leading position for the fourth consecutive quarter, commanding a 17.2 per cent market share. This success was driven by the widespread popularity of its A and M series. Xiaomi closely followed with a 16.6 per cent market share, capitalising on strong demand for its Redmi 12 series and a strategic expansion into offline markets. Notably, Xiaomi effectively harnessed the opportunity to provide budget-friendly 5G technology, earning a resounding response from consumers.
Vivo, retaining its hold on the third spot, emerged as the fastest-growing brand among the top five players, with a remarkable 11 per cent year-on-year growth. The company’s strong offline presence, focused approach to Color, Material, Finish (CMF) and the targeting of the mid-premium segment through its sub-brand IQOO contributed to this remarkable growth.
OnePlus, on the other hand, asserted its dominance in the affordable premium segment, securing a substantial 29 per cent market share. This was primarily achieved through robust sales of the OnePlus 11R.
