India’s smartphone shipments declined 19% year-over-year (YoY) in the first quarter (Q1) 2023 (January-March) to reach over 31 million units, according to the latest research from Counterpoint’s Market Monitor service. But there was good news for Apple.
The iPhone continued to lead the premium and ultra-premium segments, with strong growth in offline channels. OnePlus was the fastest growing brand, followed by Apple.
Applegrew 50% YoY and grabbed a 6% share in Q1 2023. The brand maintained its lead in the overall premium segment (>INR 30,000) as well as in the ultra-premium segment (>INR 45,000, ~$550) with 36% and 62% shares respectively.
Counterpoint says its new financing scheme with HDB and promotions on the latest iPhone 14 series fueled the growth in offline channels. The recent opening of its own retail stores in the country will further strengthen Apple’s brand image and lead to better growth avenues not just for iPhones but for the whole Apple ecosystem, notes the research group.
The first quarter decline was the highest ever Q1 decline seen by India’s smartphone market, besides being the third consecutive quarterly decline. Sluggish demand, high inventory build-up carried over from 2022, growing consumer preference for refurbished phones and pessimistic channel view of the market contributed to this decline, according to Counterpoint.
Article provided with permission from AppleWorld.Today