Apple’s iPhone Sales Soar to $10.7 Billion in India

Apple has achieved a remarkable milestone in India, with iPhone shipments crossing $10.7 billion in 2024, surpassing the combined annual revenues of FMCG giants Hindustan Unilever and Nestle. According to The Economic Times, this figure also exceeds the government’s budget allocation for MGNREGA in the current financial year.

For the second consecutive year, Apple has maintained its lead over Samsung in India’s premium smartphone segment. Data from IDC India reveals that Apple’s smartphone shipments by value surged by 24% year-on-year during the first three quarters of 2024, capturing a record 27% share of the value market. In comparison, Samsung lagged behind with a 17.7% share.

Apple’s dominance is largely attributed to its focus on the $700+ price segment, which accounts for over 85% of its shipments, while Samsung’s sub-$400 models make up 75% of its sales.

Record shipments of four million iPhones in the September quarter, fueled by popular models like the iPhone 15 and iPhone 13, have set the stage for Apple to ship over 12 million units in India by the end of 2024. Financing options, festive discounts, and Apple’s aspirational brand value have further driven its growth.

India’s premium smartphone market, led by Apple, is expected to reach a 20% share in 2024, up from 18% in 2023.

Source: Business Standard