The iPhone maker’s revenue share stood at 23% last year, despite capturing just around 6.5% market share by volume – its highest ever – as compared to Samsung which had 18% volume share and 21% revenue share, followed by Vivo with 13% revenue share.
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Apple chief executive Tim Cook has said in past calls with analysts that the company has been seeing record double-digit revenue growth every quarter in 2023, underlining the strong inroads iPhones are making in the market.
Apple’s sharp jump in revenue share (from 17% in 2022) was propelled by strong demand for its latest and older generation iPhone models. iPhone shipments crossed a record 10 million units on the back of an aggressive push by Apple with consumer financing, trade-ins and discounts.
“The opening of retail stores and increasing focus on LFR (large-format retail) through regular promotions contributed to increased offline shipments. Besides, higher trade-in values presented an appealing proposition for consumers to transition to iOS,” Shubham Singh, research analyst, Counterpoint Research, said.
The research firm said offline channels witnessed growth throughout the year, to reach 55% share in 2023. The retail segment is expected to grow further in 2024 due to the ongoing trend of purchasing more premium devices, increasing trade-ins and availability of more financing options.
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Apple’s average selling price was $981 in 2023, nearly $700 higher than the Indian industry average, at a time when the premium segment (Above Rs 30,000) witnessed a strong 64% on-year growth in 2023. “One out of every three smartphones were purchased through financing in 2023,” Singh said.The smartphone market overall remained flat in 2023, shipping 152 million units, as per the research firm, on account of a challenging first half that had an inventory build-up due to low demand.
Samsung led the market in volume terms with 18% market share, followed by Vivo with 17%. Xiaomi dropped to third place, but captured the top spot in Q4 2023, on account of affordable 5G handsets and offline expansion. Realme and Oppo completed the top 5 with 12% and 10% share respectively, Counterpoint said.
