Apple has achieved a new milestone in the Indian market. According to a report by Canalys, the Cupertino-based tech company achieved its highest shipment levels ever in the fourth quarter (Q4) 2023. The report notes that the iPhone maker witnessed a 50% year-over-year growth in Q4 2023. The company successfully shipped nearly 3 million iPhones and captured a 7.3% market share.

What drove Apple’s sales

As per the report, Apple was able to drive higher volumes of its latest iPhone 15 series during Diwali festival in November 2023. The company launched four smartphones in the iPhone 15 lineup in September 2023. The report notes that the overall series contributed nearly towards 2 million shipments. This is a first that the latest-generation iPhone series has done so well in the Indian smartphone market.
The report also claims that easy financing options, trade-in programs offered by organised refurbished smartphone vendors and direct banking discounts helped in fueling the demand for Apple products in India. iPhone sales also contributed to the above-40k-plus segment to grow 33% year-on-year in Q4 2023, the report adds. Apple was able to capture a 75% market share in this segment.

How Samsung, Xiaomi and others performed in Q4 2023

The report notes that market share of sub-10k and sub-20k smartphones reduced by 2% and 12%, respectively as the demand shifted toward more expensive options.
However, budget-friendly 5G-enabled models drove the demand for 5G smartphones which surged by 65% year-on-year. The report notes that smartphone shipments in the sub-20k segment increased by 168%. Brands like Xiaomi, Samsung and Realme performed well in this segment, the report added.
The report also claims that smartphones including Xiaomi’s Redmi 12 5G, Poco M6 Pro and the newly launched Redmi 13C fueled strong volumes.
During the festive season, the growth through online and offline channels were driven by Samsung M14 5G and A14 5, respectively.. The report also mentioned that the Realme 11x, which was launched in Q3 2023 also performed well in this quarter. The report predicts that the Indian smartphone market is expected to grow by 5% in 2024.