Cupertino(USA), 04/08/23: The June quarter proved to be an eventful one for Apple. The Cupertino tech behemoth not only inaugurated its first two Apple Stores in India, for which CEO Tim Cook flew down, but it also established a June Quarter record in India, fueled by strong iPhone sales.
During the April-June quarterly call, Apple reported that the iPhone had set an all-time revenue record in India.
Apple CEO Tim Cook stated, “You know, we did hit a June quarter revenue record in India, and we grew strong double digits. We also opened our first two retail stores during the quarter, and of course, it’s early going currently, but they are currently beating our expectations in terms of how they are doing. We continue to work on building out the channel and putting more investment in our direct-to-consumer offers as well.”
Cook further added, “We ought to be doing really well there, and we are very pleased with our growth there. We still have a very, very modest and low share in this smartphone market, so I think it’s a huge opportunity for us. And we are putting in all of our energies to make that occur.”
India is the world’s second-largest smartphone market, dominated primarily by mid-segment devices, and the iPhone remains an aspirational purchase for many.
However, Apple’s market share is increasing. According to the most recent CyberMedia Research research, Apple has managed to grab a 5% market share in the smartphone industry in Q2 2023, with shipments increasing by 62% year on year. With a 25% share, Apple was the leading contributor in the Premium segment (>Rs 25,000).
According to industry experts, Apple maintains a good growth trajectory in India. According to CyberMedia Research, Apple’s market share in the smartphone market will be close to 7% at the end of this calendar year.
Cook commented on the performance of Apple outlets, saying that the two new outlets in India outperformed expectations. He also noted Apple’s endeavour to enhance livelihoods in India through sustainable energy innovation, for which the company has partnered with the global non-profit Acumen.
