Apple’s top-tier models, iPhone 15 Pro and Pro Max, are anticipated to propel the company’s market share in India, as demand for these devices escalates leading to longer waiting periods.
What Happened? According to a Reuters report on Wednesday, market research firm, Counterpoint, predicts that Apple will secure 7% of all smartphone sales in India from July to December, up from the 5% mark recorded in the first half of the year.
Apple has recently turned its focus towards India as a crucial growth area. Many perceive this shift as a reaction to the declining sales of its flagship product and regulatory pressures in China.
See Also: JP Morgan Adds India To Its Emerging Markets Bond Index: Here‘s What It Means For Global Investors
The launch of iPhone 15 Pro and Pro Max models this Friday has sparked high anticipation among consumers, leading to wait times extending up to late October – a trend mirrored in China and the US.
Counterpoint’s projection suggests that these models will account for 25% of the total iPhone 15 shipments in India in the fourth quarter, a 4% rise from the top-tier models of the previous generation in the same period last year.
Nabila Popal, a research director at IDC, states that Apple’s success has significantly influenced the growth of India’s premium smartphone market, which has risen from 0.8% of the total market in 2019 to 6.1% in the first half of 2023.
Why It Matters: Apple’s growing market presence in India is significant, considering the country’s burgeoning middle class and the expanding digital infrastructure. The rising demand for high-end models like iPhone 15 Pro and Pro Max underlines a clear shift in consumer preference, from budget-friendly devices to premium smartphones. This shift could potentially open up new growth avenues for other premium smartphone manufacturers in the Indian market. However, prolonged wait times could also direct impatient consumers towards competitors with readily available products. As such, the coming months will be decisive in shaping the premium smartphone landscape in India.
Read Next: This Micro Cap Stock Skyrockets 20 After Winning Orders From Reliance Group
Engineered by Benzinga Neuro, Edited by Shomik Sen Bhattacharjee
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.