Highlights:
- US-based tech giant shows huge growth in India for 4th consecutive quarter
- Apple is seeing a surge in demand for older iPhones in the country as the company has lowered their prices
The US-based tech giant Apple has reported high growth in India for the fourth consecutive quarter which is in line with its overall growth in the June quarter.
The Chief Executive Officer (CEO) of Apple, Tim Cook, last night said, “Today, Apple is reporting a very strong quarter with double-digit revenue growth across our product and services categories and in every geographic segment.
“We set a new June quarter revenue record of $81.4 billion, up 36% from last year, and the vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India, Latin America and Vietnam,” he said during the company’s earnings call for the June quarter, last night.
The company has been witnessing growth in its sales in India over the past year, on the back of its own retail store along with the growing demand for older iPhones.
The market share of Apple in the premium segment grew to 48.8% in the same quarter last year, from 41.2% in the quarter in 2019. As it was reported at the time, the company’s shipments in India had grown by 5% year on year.
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Apple’s CEO had said that the company reported double-digit growth in the January-March quarter this year.
Analysts attribute the growth seen by Apple in India to a general rise in demand for electronic products. Additionally, the company has also been lowering the prices of its older iPhones, which has made them more accessible for some buyers.
During the quarter which ended in December last year, Apple had managed to double its market share in India. At the time, experts had said that Apple’s market share in India grew to 4% in the quarter ended December 2020, against 2% in the December 2019 quarter.
The Senior Research Analyst at Counterpoint Research, Prachir Singh said that more than 50% of the company’s shipments coming to Indian were driven by older iPhones. The iPhone SE (2020) accounted for 30% of the shipments, followed by 27% for the iPhone 11 and 14% for the iPhone XR.
The iPhone 12 series, which launched last year, accounted for the rest.
Cook answered a question about users who are upgrading and switching from older iPhones, saying, “In Q3, we set June quarter records in Mexico and Brazil and Chile and Turkey and UAE and Poland and Czech Republic, India, obviously, and China, as I talked about before, Thailand, Malaysia, Vietnam, Cambodia, Indonesia.
He added, “I could go on and name a few more. It’s a very long list. And so those are those results are for the entire line of products that we have.”
