2023 is turning out to be quite a year for Apple in India. The company has been hitting record numbers when it comes to sales of its products as Apple opened not one but two retail outlets in the country. Reports now suggest that India has become the fifth-largest iPhone market behind the U.K., Japan, China and the U.S.According to Counterpoint Research, India became Apple’s fifth-largest iPhone market in the second quarter for the first time, overtaking France and Germany. The country contributed close to 4% of all iPhone sales in the second quarter, growing 50% year-on-year. It’s the first time India has been one of Apple’s top five markets for iPhone sales.
Counterpoint Research said that Apple commanded a 5.1% market share in India’s total smartphone market in the period to the end of June, versus 3.4% in the same period last year. The rapid growth in India comes as Apple ramps up its presence in the world’s fifth-largest economy from both a retail and manufacturing perspective.
Apple has also shifted some iPhone manufacturing to India as it looks to diversify away from China, where the bulk of its flagship smartphone is currently produced. Apple has moved 7% of its entire production to India, which has greatly impacted the country’s export statistics, according to the Business Standard. In FY22, the smartphone export market was worth approximately US$5.4 billion to India.
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