New Delhi. The launch of the new iPhone 16 by the giant tech company Apple globally could lead to an 18 percent annual growth in the company's revenue in India in 2024. Along with this, there may also be an increase in the export of iPhones. Industry analysts gave this information on Tuesday.
The new series of iPhone 16 has been launched by Apple. It has many new features with Apple Intelligence, bigger display and camera control.
Experts say that Apple has kept the Pro version cheaper than last year. This will help the company increase its market share in India.
Talking to , Counterpoint Research Director Tarun Pathak said, “Apple's market share in India is 6 percent in volume and 16 percent in value. In such a situation, double-digit growth rate can continue. The company's revenue can cross the $ 10 billion mark in the country in 2025.”
The iPhone 16 series will go on sale in India starting 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 to achieve growth.
Pathak further added, “Apple is an aspirational brand in India and is available only in the premium category. The biggest problem in purchasing it is just the high price. There are many good finance schemes available in the market today, which make iPhone affordable for the customers.”
According to the latest consumer research, 6 out of 10 premium smartphone users prefer to buy phones through finance schemes.
According to global investment firm Jefferies, thanks to the government's 'Make in India' initiative and the Production Linked Incentive (PLI) scheme, iPhone production in India is set to account for 10 per cent of Apple's total shipments in 2023, up from less than one per cent in 2017. The company plans to increase this to 25 per cent in 2025.
Prabhu Ram, VP of Industry Research Group at CyberMedia Research (CMR), said that the arrival of the new iPhone 16 series will strengthen Apple's business in India. One of the main reasons for this is the increase in manufacturing under 'Make in India'.
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Image Credit: Khas-Khabar.