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Apple ’s long - term stake on India is beginning to pay dividends . The company ’s taxation in India jumped 42 % yr - on - year in 2023 to $ 8.7 billion , Morgan Stanley wrote in a note on Friday .
The iPhone cargo in India grew 39 % year - on - year in 2023 to 9.2 million units , making it iPhone ’s fifth tumid smartphone market . India ’s iPhone clientele is now larger than any standalone commonwealth in the European Union , Morgan Stanley added .
“ This entail that in CY23 , India represented 4 % of iPhones payload and gross , up from 3 % in CY22 and 1 % 5 class ago . This compares to China iPhone consignment , which represented 20 % of iPhone shipments and revenue in CY23 ( down 1 - 2 points Y / Y , respectively ) , ” the analysts write .
“ finally , this mean that India as a standalone marketplace is still not adult enough to offset the declension we are seeing in the Taiwanese food market today , but if India continues to maturate at the same trajectory while China iPhone shipments stay flat , India would be a big iPhone market than China by 2027 . ”
Driving India ’s iPhone growing is increasing consumer demand for premium gadget with more storage capacity rather than the latest example . The average iPhone sold in India last class had around 260 GB of memory , a 26 % increment over 2022 , Morgan Stanley said . India ’s iPhone average selling prices ( ASPs ) grew 2 % yr - on - year to $ 940 in 2023 .
The top five iPhone manakin ship in the country were iPhone 13 , iPhone 14 , iPhone 14 Plus , iPhone 14 Pro and iPhone 15 and they made up 86 % of total sale , accord to data from research firm IDC , mention by Morgan Stanley . At $ 940 , India ’s iPhone ASPs still trail the global average of $ 1,045 by around 10 % .
Apple check India as a major growth engine going forward , open its first two retail stock in the country last year . The troupe is alsoincreasingly shift its iPhone manufacturingto the South Asiatic land . Morgan Stanley estimates the tech monster ’s India gross will reach $ 40 billion by 2032 .
