counterpoint research

Tim Cook, CEO, Apple

iPhone-maker Apple’s chief executive officer Tim Cook Friday said that the company has nearly doubled its revenue in India in the June quarter. Analysts said that the brand largely stayed resilient from the macroeconomic headwinds in India, captururing 3% by volume and 12% by value market share in April-June quarter.
Apple CEO Tim Cook in his opening remarks highlighted that the June quarter revenue records in developed and emerging markets with double digit growth in Brazil, Indonesia and Vietnam, and a near doubling of revenue in India.”
“We also set a June quarter record for switchers with strong double-digit growth that is fuelling the additional install base. We continue to execute across some significant geographies with low penetration of iPhones between Indonesia, Vietnam and India where we did quite well. iPhone tends to be the engine for those markets, particularly at the beginning of creating the market there for Apple products,” Cook added.
“…we set June quarter revenue records in both developed and emerging markets and set all time records in many countries around the world including the US, Mexico, Brazil, Korea and India,” CFO Luca Maestri said.
Luca also highlighted how enterprise customers “are increasingly investing in Apple products as a strategy to attract and retain talent. Wipro, another large mobile enterprise customer, is investing in MacBook Air with M1 as a competitive advantage when recruiting new graduates globally.”
Responding to analysts on various factors driving iPhone strength, Tim added “it’s the product and the innovation within the product that’s driving it. The other key variables such as size of the installed base have been growing significantly.
As per Counterpoint Research estimates, Apple shipped 1 million iPhones in India in Q2 2022, capturing 3% by volume and 12% by value market share. Both iPhone 13 and 12 are going strong and with new launches coming, all these models will stay relevant in India.
“Apple grew 63% YoY in Q2 2022 driven by a smaller base in Q2 2021 due to the COVID 19 second wave. It remained the top-selling brand in the ultra-premium segment (>INR 45,000 or ~ $650),” Tarun Pathak, research director at Counterpoint told ET.
Pathak added that increasing ‘Make in India’ capabilities for both local consumption as well as exports, offline push through multiple promotions and consumers’ brand preference in the Rs 45,000 and above segment helped Apple retain its edge in the ultra-premium segment. Rs 30,000-45,000 entry premium segment is the one where Apple is currently not strong and can grow.
CMR India also believes that Apple’s continued growth momentum in India is being driven by increased local manufacturing and retail initiatives. “The iPhone 12 and iPhone 13 series accounted for the most iPhones shipped and enabled a healthy YoY growth,” Prabhu Ram, head-industry intelligence group at market intelligence firm CyberMedia Research (CMR), told ET. “Premium Tablets continue to find favour with consumers for hybrid work, education and entertainment.”
Pathak said that going forward the offline push especially among the large format retailers like Croma etc will further drive Apple’s shipments in the coming quarters.
“Apple will have its strongest ever portfolio in India entering the festive season with its installed base reaching an all-time high,” he added.

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