Apple's Market Share Likely To Reach 8% By 2024, Analysts Say

Analysts project that Apple, in a market brimming with potential, will carve out a larger slice of India’s smartphone pie, aiming for an 8% market share by 2024. This optimism stems from Apple’s stellar performance, with the iPhone leading the charge in the country’s premium segment.

The tech giant’s strategy is multifaceted: ramping up local manufacturing, making iPhones more wallet-friendly, and rolling out aggressive retail strategies. These moves have already borne fruit, with Apple’s market share jumping to 6% in Q3 2023, and shipments soaring by 44% year-on-year.

What do analysts have to say? Speaking to the Economic Times, analysts like Prabhu Ram from CMR believe Apple’s growth trajectory is set to continue, fueled by a mix of older and latest iPhone models. Meanwhile, Counterpoint Research’s Tarun Pathak points to Apple’s timely push into India’s premium market, leveraging a broad iPhone portfolio and attractive financing offers.

Apple’s success isn’t just about selling phones; it’s about creating an ecosystem. With new retail stores opening and a strong hold on the premium market, Apple’s presence in India is more robust than ever. The company’s focus on India is clear, with CEO Tim Cook highlighting the vast potential in a market where Apple’s share is still relatively low.

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Despite challenges, the company’s strategic approach dubbed the 3D strategy — domestic manufacturing, distribution, and driving premiumisation — shows a commitment to meeting the evolving needs of Indian consumers.

As Apple continues to increase its footprint in India, the company’s “Make in India” initiative is also gaining momentum. The inclusion of Tata Electronics as an assembler marks a significant step in integrating Indian companies into Apple’s supply chain.

Analysts remain bullish on Apple’s prospects in India, anticipating that the company’s market share will only grow from here, driven by a combination of savvy business moves and a deep understanding of consumer trends.

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