Apple's iPhone sales hit $10.7 bn in India, overtakes Samsung for 2nd year

Apple's iPhone shipments in India have exceeded $10.7 billion in 2024, surpassing FMCG giants like HUL and Nestle, while widening its lead over Samsung for the second consecutive year

Apple has achieved a significant milestone in India, with iPhone shipments surpassing $10.7 billion. This figure exceeds the combined sales of FMCG giants Hindustan Unilever and Nestle for FY24, as well as the government’s budget allocation for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) in the current financial year, according to a report by The Economic Times.

 

Apple has not only retained its lead over Samsung in smartphone sales in India for the second consecutive year but also further extended its lead, the report said citing data from market researcher IDC India. In the first three quarters of 2024, Apple’s smartphone shipments by value surged by 24 per cent year-on-year, while the overall Indian smartphone market experienced a broader slowdown.

 

IDC data reveals a growing market share gap

Between January and September 2024, Apple’s shipments amounted to $7.96 billion, leaving Samsung behind at $5.23 billion. This has resulted in Apple capturing a record 27 per cent share of the value market, compared to Samsung’s 17.7 per cent. In comparison, Apple's market share in 2023 stood at 23.5 per cent, while Samsung’s was 22.5 per cent.

 

According to Navkendar Singh, AVP of devices research at IDC, the wide disparity in value share between the two brands is driven by the different price segments they cater to. While over 75 per cent of Samsung’s shipments fall within the sub-$400 price range, more than 85 per cent of Apple’s shipments are within the $700-plus category, the report said.

Record iPhone shipments to India

Apple achieved a record high of four million iPhone units shipped in India during the September quarter, with models like the iPhone 15 and iPhone 13 driving the surge. IDC and Counterpoint estimate that Apple will ship more than 12 million units in India by the end of 2024, the report said.

 

The tech giant’s growth this year has been largely attributed to the availability of financing options and discounts, especially during the Diwali season, which made previous-generation models more affordable. Additionally, Apple’s strong aspirational value and the higher resale value of iPhones compared to Android smartphones have contributed to the brand’s success in India.

Samsung faces challenges despite early success

Although Samsung's Galaxy S24 model performed well in early 2024, overall shipments for the year have been disappointing. Models in the A, M, and F series underperformed due to higher average selling prices, especially when compared to more affordable Chinese offerings. Heavy discounting helped Samsung’s S23 series during festive sales, but inventory challenges and weak offline sales continued to affect the brand, the report said.

Indian smartphone market growth

The Indian smartphone market is projected to experience low single-digit growth by the end of 2024. However, Apple’s performance is expected to continue boosting the share of smartphones priced above Rs 30,000 in the overall market.

 

The news report quoted Research Director at Counterpoint, Tarun Pathak, as saying that the share of Rs 30,000-plus handsets will rise to a record 20 per cent in 2024, up from 18 per cent in 2023. Apple is also expected to maintain its double-digit growth trajectory in India next year.