iPhone 16 series launch will see tremendous growth in Apple’s business in India
The launch of the new iPhone 16 globally by tech giant Apple could boost the company’s income in India by 18 percent annually in 2024. Besides, there may also be an increase in the export of iPhone. The new series of iPhone 16 has been launched by Apple. It has many new features along with Apple intelligence, large display and camera control. Experts say that the Pro version has been kept cheaper by Apple than last year. This will help the company increase its market share in India.
Speaking to IANS, Tarun Pathak, director of Counterpoint Research, said, “Apple is 6 per cent in market share volume and 16 per cent in value in India”. In such a situation, the double digit growth rate may continue. The company’s income could surpass the $10 billion mark in 2025 in the country.” The iPhone 16 series will go on sale in India from September 20.
The analyst further said that most of the growth of iPhone in India will come from first-time iPhone users. Apple is continuously expanding in the country. This will help the company achieve growth. Pathak further said, “Apple is an aspirational brand in India and is available only in the premium category”. The biggest problem in buying it is only the high price. There are many good finance schemes available in the market today, which make iPhone affordable for customers.
According to fresh consumer research, 6 out of 10 premium smartphone users prefer to buy phones through finance schemes. According to global investment firm Jefferies, the government’s ‘Make in India’ initiative and Production Linked Incentive (PLI) scheme led to iPhone production accounting for 10 percent of Apple’s total shipments to India in 2023, down from less than one percent in 2017. The company plans to increase this to 25 percent in 2025.
Prabhu Ram, VP, Industry Research Group at Cybermedia Research (CMR), said the arrival of the new iPhone 16 series will make Apple’s business in India look stronger. Increasing manufacturing under ‘Make in India’ is one of the main reasons for this.
