New Delhi, Sep 10
Apple revenues in India are likely to grow 18 per cent (year-on-year) in 2024 and the new iPhone 16 series would help the company further solidify its presence in the country, along with boosting its exports figures, industry analysts said on Tuesday.
“Apple has 6 per cent share by volume and 16 per cent by value in India. The double-digit growth will continue, with revenues expected to cross the $10 billion mark in 2025 in the country,” Counterpoint Research Director Tarun Pathak told.
With the iPhone 16 series, available in India from September 20 with attractive financing options, the analysts expect a healthy mix of upgrades this year for Apple in the country.
However, the bulk of the iPhone growth in India will still come from first-time iPhone users. Apple continues to enjoy the strong pull and lately expanding its channel presence in the country that helped the brand to grow.
“Apple remains an aspirational brand as it caters to premium segment only and the only hindrance for consumers was affordability. With the availability of many financing schemes in the market, iPhones have become affordable to a larger section of population,” Pathak noted
According to latest consumer research, 6 out of 10 users in premium segment buy smartphones through a financing scheme.
Apple is peaking at a right time in India, especially when the premiumisation trend is rising with almost 17 per cent of the volumes and 45 per cent of value coming from premium segment alone (Rs 30,000 and above).
“Hence, Apple revenues in India are likely to grow 18 per cent YoY in 2024 While the iPhone remains the major driver, there would be growth in other hardware categories as well,” said Pathak.