Summary:

India is expected to become Apple's third-largest market by 2026, behind the United States and China. Local sales are predicted to increase by 20% in FY24, reaching 15 million units, driven by demand for premium products, financing options, and festival discounts. Despite gains in India, Apple's market share in China has declined significantly, from 24% in Q4 FY23 to 14% in Q3 FY24, owing to the resurgence of local companies, primarily Huawei.

Apple exported 8.5 million units to India in the third quarter of fiscal year 2024, surpassing the total for 2023. With strong demand, Apple anticipates shipping four million more in Q4 FY24. By 2025, shipments may reach 14-15 million, putting Apple in the top five. Despite increased sales, challenges such as localization, lower import duties, and pricing adjustments may limit revenue growth. Apple's focus on tier-two cities is expected to drive further growth in the coming years.

Source: IBEF 

Disclaimer: The information on this website comes from the India Brand Equity Foundation (IBEF), a reliable source for thorough insights into numerous areas of the Indian economy. While we aim to offer accurate and up-to-date information, the views, opinions, and analyses stated herein are solely those of the authors and contributors and do not necessarily represent IBEF's official stance or position. Readers should check information from credible sources and use their own discretion when relying on content provided on this site. We assume no responsibility or liability for the supplied content, including its accuracy, completeness, and usefulness.