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Apple Riding the Smartphone Premiumization Wave in India

As premiumization disrupts India's price-sensitive smartphone market, it will continue propelling Apple to new highs.

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Apple is riding high on a revenue boom in India, fueled by the country's rapidly growing demand for premium smartphones. As more Indian consumers upgrade to feature-rich iPhones, Apple has seen its India revenue soar to record heights.

  • Apple India Pvt., posted a revenue of Rs 49,321.8 crore for FY23, up from Rs 33,381.3 crore in the previous fiscal.
  • 94.6% revenue came from product sales including iPhone, iPad. About 5.4% came from services and maintainence

Apple’s Ascent

In 2022, Apple sold almost 7 million phones, up from 3 million in 2020.

In order to increase its regional focus, Apple is expanding its presence in India and making changes to its management structure. In addition to shifting production to India, Apple is working to increase its share of the country's premium smartphone market over the next ten years. After seeing tremendous development in China, Apple understands the value of a large market like China and the necessity of taking the necessary steps to seize the opportunity.

We expect apple to breach the 10 million unit sales in 2023 in India.