Apple commands 62% of all smartphones priced above ₹45,000 sold in India, and analysts expect the Cupertino giant to increase its grip over the segment by expanding its retail footprint.
What Happened? Counterpoint Research in its latest quarterly market analysis report shows that Apple captured 6% of the overall smartphone market in the country and reported a 50% year-on-year shipment growth in Q1 2023.
Additionally, the company captured 62% of the ultra-premium segment, which includes devices priced above ₹45,000, indicating that three out of five devices sold in this segment were iPhones.
According to the report, Apple's recent opening of its retail stores in the country will strengthen its brand image and lead to better growth opportunities not only for iPhones but also for the larger Apple ecosystem.
The report suggests that the retail stores will allow Apple to offer a better customer experience, showcase its entire range of products, and provide personalized services to customers, leading to a more loyal customer base.
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A Win-Win: A growing consumer preference for refurbished phones in the larger smartphone market contributed to a 19% overall decline in shipments in the first three months of 2023, according to Counterpoint’s research notes.
While the sale of refurbished iPhones affects Apple’s chance of selling new iPhones to the same target customer base, it still improves Apple’s Services revenue as those purchasing refurbished iPhone units can still buy apps and subscribe to certain Apple services.
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