Apple marks record-breaking performance in India in September-December quarter

In the dynamic landscape of India’s smartphone market, the iPhone has emerged as the coveted choice for many customers. Beyond individual users, even prominent enterprises in the country are showing a growing preference for Apple’s diverse portfolio. A prime example is Zoho, where an impressive 80% of its 15,000-strong global workforce relies on iPhones. Fuelled by this dual surge in customer and enterprise demand, Apple’s India business has yet again marked a record-breaking performance in the September-December quarter.

During the earnings call, Apple CEO Tim Cook said, “India grew in revenue terms, [in] strong double digits in the December quarter and hit a quarter revenue record.”

Indians’ love for iPhone

Despite the predominant contribution of entry-level and mid-segment smartphones to India’s overall smartphone sales, Apple stands out with a remarkable surge in iPhone shipments. Notably, there’s a significant shift in the adoption pattern, distinguishing the latest iPhone models from their predecessors.

In the latest quarter, the iPhone 15 series takes the lead as the most sought-after, commanding an impressive 45% market share. Following closely is the iPhone 14 series, capturing 33% of the market, with the remaining 21% attributed to the iPhone 13 series. This shift underscores the Indian consumer's willingness to embrace the latest offerings from Apple, signaling a noteworthy trend in the evolving smartphone landscape in the country.

Fueled by the much-anticipated release of the iPhone 15 series and buoyed by the festive fervor surrounding the Diwali season, Apple experienced a noteworthy 7% year-on-year growth in iPhone sales during the September-December quarter. The strategic deployment of various discount offers across both offline and online retail channels further bolstered the brand's market presence.

As a result of this impressive performance, Apple has ascended to the 6th position in Cyber Media Research's Mobile ranking for the same quarter.

Globally for Apple, the iPhone revenue was $69.7 billion, up 6% year over year. “We set all-time records in several countries and regions, including Latin America, Western Europe, the Middle East, and Korea, as well as December quarter records in India and Indonesia,” added Tim Cook.

Overall, Apple had shipped over 10 million iPhones in 2023, up from 6 million in 2022, as per Counterpoint Research.

Enterprise fuelling Apple’s growth in India

Other than end consumers, enterprises too in India are aggressively adopting Apple products. Similar to Target adding the latest M3 MacBook Pro to their existing deployment of thousands of Macs, last year the Indian IT company Wipro invested in MacBook Air as a competitive advantage when recruiting new graduates globally.

And now, India headquartered Zoho too has adopted Apple products, including iPhones and Macs. Luca Maestri, CFO at Apple said, “Zoho, a leading technology company headquartered in India, offers its 15,000-plus global employees a choice of devices, with 80% of their workforce using iPhone for work and nearly two-thirds of them choosing Mac as their primary computer.”

Overall, Apple globally posted quarterly revenue of $119.6 billion, up 2 percent year over year for the September – December 2023 quarter.

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