In a note to clients Morgan Stanley investment bank analyst report — as noted by TechCrunch — that Apple’s revenue in India jumped 42% year-on-year in 2023 to US$8.7 billion.
iPhone shipments in India grew 39% year-on-year in 2023 to 9.2 million units, making it iPhone’s fifth largest smartphone market. India’s iPhone business is now larger than any standalone country in the European Union, Morgan Stanley added.
“This means that in CY23 [calendar year 2023], India represented 4% of iPhones shipments and revenue, up from 3% in CY22 and 1% 5 years ago. This compares to China iPhone shipments, which represented 20% of iPhone shipments and revenue in CY23 (down 1-2 points year-over-year. respectively),” the analysts wrote. ““Ultimately, this means that India as a standalone market is still not big enough to offset the declines we are seeing in the Chinese market today, but if India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027.”
In a note to clients Morgan Stanley investment bank analyst report — as noted by TechCrunch — that Apple’s revenue in India jumped 42% year-on-year in 2023 to US$8.7 billion.
iPhone shipments in India grew 39% year-on-year in 2023 to 9.2 million units, making it iPhone’s fifth largest smartphone market. India’s iPhone business is now larger than any standalone country in the European Union, Morgan Stanley added.
“This means that in CY23 [calendar year 2023], India represented 4% of iPhones shipments and revenue, up from 3% in CY22 and 1% 5 years ago. This compares to China iPhone shipments, which represented 20% of iPhone shipments and revenue in CY23 (down 1-2 points year-over-year. respectively),” the analysts wrote. ““Ultimately, this means that India as a standalone market is still not big enough to offset the declines we are seeing in the Chinese market today, but if India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027.”
In February the IDC research group reported that the iPhone now has 68% of India’s “super-premium” smartphone market. The country’s smartphone market shipped 146 million smartphones in 2023, with a nominal 1% growth YoY (year-over-year).
The country’s super-premium segment (US$800+) registered the highest growth of 86%, with its share up from 4% to 7%. The iPhone14/13/14 Plus together accounted for 54% of shipments, followed by the Galaxy S23+/S23/S22+/S23 Ultra with 22% share. Overall, Apple led the segment with a share of 68%, followed by Samsung at 30%.
IDC says Apple had a stellar year, finishing at 9 million units, despite having the highest ASP [average selling price] of US$940. This was led by previous generation iPhone models and its push for local manufacturing. Its iPhone 13/14 were among the Top 5 shipped models annually.
