MC Exclusive: Apple finally breaks into India’s top 5 smartphone brands with record market share

iPhone 16 and 16 Pro series Mumbai PTI

The unstoppable ascent of Apple in India reaches a new milestone! The Cupertino-based tech giant has broken barriers and secured its place among the country's top five smartphone brands for the first time since it started selling iPhones in India.

Riding high on its unprecedented popularity, Apple achieved a remarkable 9–10% market share during the festive October–December period of 2024—a historic feat since the brand first began selling iPhones in India, according to preliminary data from market trackers IDC and Counterpoint Research, exclusively available with Moneycontrol.

“Apple set a record by entering the top five vendor list for the Indian smartphone market in Q4 2024 with a market share exceeding 9%. Festive discounts drove this growth, alongside affordability offers such as 24-month no-cost EMIs, which ran throughout 2024 and emerged as one of the leading factors for this surge. E-tailer deals also ensured a high double-digit growth for Apple through the year,” Upasana Joshi, Research Director at IDC told Moneycontrol.

Joshi further noted that Apple’s focus on older-generation models, such as the iPhone 15 and iPhone 13, significantly contributed to its rise to the top five smartphone brands for the first time.

Preliminary data from Counterpoint Research, shared exclusively with Moneycontrol, indicates a similar 10% market share for Apple in Q4 2024.

Tarun Pathak, Research Director at Counterpoint, explained that the growing premiumisation trend in India has particularly benefited Apple.

“There has been a significant rise in the premium smartphone segment in India. With increasing disposable income and aspirational purchases among the growing middle class, especially the youth, Apple has become the brand of choice for young consumers. Beyond Tier 2 cities, the iPhone represents more than just a smartphone—it’s a lifestyle statement,” said Pathak.

He added that Apple’s growth is evident in emerging economies worldwide, including India, which is poised to become the company’s third-largest market globally by 2026. Local sales volumes in India have been rising for five consecutive years and are projected to reach 15 million units annually by then. India is Apple’s fifth-largest market, behind Japan (third) and the UK (fourth).

“As we analyze Apple’s strategic approach, it’s clear that their three-dimensional (3D) strategy focuses on Domestic Manufacturing, Distribution, and Driving Premiumisation. This comprehensive approach reflects Apple’s dedication to staying ahead of the competition and addressing the evolving needs of consumers,” Pathak added.

Record Annual Growth

In 2024, Apple shipped over 12 million iPhones in India, marking a robust 34–35% year-on-year growth compared to 9 million shipments in 2023, according to IDC preliminary data. Counterpoint Research’s preliminary data also suggests similar annual growth for Apple in India.

Preliminary estimates from IDC indicate that India’s smartphone market shipped over 38 million units in Q4 2024, with a 5–6% year-on-year growth following a substantial festive quarter shipment of 46 million units in Q3 2024. “Annual shipments for 2024 are estimated to have reached approximately 153–154 million units, compared to 145 million in 2023,” said Joshi.

Focus on Local Manufacturing

Apple continues to strengthen its local manufacturing capabilities. In 2024, the company began producing the iPhone 16 Pro and iPhone 16 Pro Max in India through its contract manufacturing partners, Foxconn and Pegatron. Additionally, Apple is ramping up component production for AirPod wireless charging cases through Jabil in Pune, while Foxconn is set to commence AirPods production in its new Telangana facility by the second half of 2025.

Apple is also working to expand its India-made portfolio, which already includes iPads, AirPods, and MacBooks. While part of its iPad production shifted to Vietnam last year, the Indian government is encouraging Apple to reconsider assembling iPads in India and to expand local manufacturing.

According to Apple India’s regulatory filing shared by Tofler, the company’s net profit surged 23% to Rs 2,745.7 crore in FY2023-24, driven by higher iPhone sales. Revenue grew 36% year-on-year to Rs 67,121.6 crore during the same period.

Apple has been achieving record quarterly sales in India since the start of 2023. Analysts predict that revenues and profits will continue to rise significantly in the ongoing fiscal year, driven by the rapid growth in iPhone sales across the country.