India is now the fifth-largest market for iPhone smartphones, with iPhone shipments there growing 39% year over year to 9.2 million units in 2023. According to Morgan Stanley, India currently has a bigger iPhone market than any other independent nation in the EU.
Apple’s revenue in India increased by 42% year over year to $8.7 billion
Morgan Stanley, a foreign stockbroker, reported on Friday that Apple’s revenue in India increased by around 42% (year over year) to $8.7 billion.
Indian consumers’ growing preference for high-end phones with larger storage capacities over the newest models is what is fueling the expansion of the iPhone. Morgan Stanley reported that the typical iPhone sold in India in 2022 had a memory capacity of about 260GB, a 26% increase over 2022. India’s average selling prices (ASPs) for iPhones increased by 2% year to $940 in 2023.
Data from research firm IDC, quoted by Morgan Stanley, shows that the top five iPhone models shipped in the nation were the iPhone 13, iPhone 14, iPhone 14 Plus, iPhone 14 Pro, and iPhone 15, accounting for 86% of total sales. India’s iPhone average selling prices (ASPs) are $940, around 10% less than the global average of $1,045.
With 152 million smartphones shipped, India’s smartphone market stayed stagnant in 2023. In contrast, Apple shipped 10 million units and became the market leader in revenue in a calendar year for the first time.
The government reduced import taxes on parts used to make mobile phones in January from 15% to 10% in an effort to increase the nation’s mobile manufacturing sector.
This action will assist businesses such as Apple in producing more of their high-end, luxury iPhones domestically.
