Apple reportedly received huge pre-orders after the launch of the iPhone 15 series in mid-September. Apple is banking on full capacity to increase iPhone sales in the world's second-largest smartphone market, which is witnessing a premiumization in favor of Apple.
Just two a day before the shipment of the iPhone 15 series on September 22, IANS quoted sources saying that the iPhone 15 and iPhone 15 Plus received overwhelming numbers of pre-orders, nearly 50% more than the iPhone 14 series in 2022.
According to IANS, the tremendous response can be attributed to the premiumization, the number of users switching their phones from Android to iPhone, and a young, aspirational population.
Despite a slowing smartphone market, premium phones remain on the growth track in India. IDC data shows that smartphone ASP in India grew by 13% year-over-year in the second quarter, reaching US$241. The sub-US$200 segment decreased its share from 70% a year ago to 65%. The mid-range segment (US$200-400) remained stable, maintaining a 22% share. The mid-to-high-end segment (US$400-US$600) demonstrated impressive growth, expanding by 34% year-on-year. The share of the premium segment (over US$600) surged by 75% year-on-year and reached a 9% share.
An earlier report by The Economic Times quoted sources saying that Apple raised its sales target by almost 100% year-on-year for over 200 Premium Reseller stores in India in the second and third quarters.
Apple may embrace another sales jump as India's festive season approaches. Neil Shah, research vice president at Counterpoint, told IANS that with the iPhone 15 made in India, if Apple decides to make the pricing more attractive in the coming months, it could have a blockbuster festive season.
Meanwhile, Apple is partnering with HDBC Bank to offer discounts and no-cost EMI options on new Apple products in Apple's online and offline stores in India. Shoppers can enjoy a discount of INR 6,000 (US$72) on the iPhone 15 Pro and Pro Max and a savings of INR 5,000 on the iPhone 15 and 15 Plus, another sign showing Apple is intensifying its sales initiatives to boost its market presence. A CMR analysis forecasted the market share of iPhones is likely to reach 7% by the end of the year, from 5% in the second quarter.
Source: IDC, September 2023
