In a significant milestone, Apple has clinched the top spot in smartphone revenues in Bharat for the first time in a calendar year, with iPhone shipments surpassing the 10-million mark in 2023, according to a report by Counterpoint Research.
The report highlights Apple’s remarkable growth trajectory, with iPhone shipments witnessing a 28 per cent increase in 2023, contributing to a six per cent market share. The fourth quarter alone saw a seven per cent surge in iPhone shipments in Bharat.
Counterpoint’s research analyst Shubham Singh attributed Apple’s success to its focused approach in Bharat, underscored by robust demand for both its latest and older iPhone models. Factors such as the establishment of retail stores, emphasis on large-format retail through promotional activities, and attractive trade-in values have propelled Apple’s offline shipments.
Apple’s manufacturing prowess in Bharat also played a pivotal role, with iPhones worth over Rs 1 lakh crore produced last year, including Rs 65,000 crore worth of exports. The company exceeded targets under the production-linked incentive (PLI) scheme, reinforcing its manufacturing footprint in the country.
While Samsung secured the top position with an 18 per cent share in 2023, Xiaomi slipped to third place overall but led the market in the October-December period with an 18.3 per cent share, driven by strategic initiatives such as the launch of 5G phones and offline expansion.
Vivo claimed the second spot in 2023 with a 17 per cent share, dominating the affordable premium segment. The premium smartphone segment witnessed a significant 64 per cent year-on-year growth, fuelled by easy financing schemes that encouraged consumers to upgrade to higher-priced devices.
Looking ahead, Counterpoint predicts a 5 per cent year-on-year growth in the smartphone market in 2024, driven by the continued premiumization trend, wider adoption of 5G in lower price segments, and improved macroeconomic conditions. With the smartphone market poised for further expansion, the stage is set for heightened competition and innovation in the coming years.
