‘Made in India’ Shipments from Apple grew 65% YoY by volume and 162% YoY by Value
While Apple has yet to reach the top five smartphone leaders in India, they've made great strides, especially in Q4 2022. Overall, 'Made in India' smartphone shipments declined 3% year-over-year (YoY) according to a new Counterpoint report, yet Apple was a shinning star.
Counterpoint reports that in terms of value, ‘Made in India’ smartphone shipments registered 34% YoY growth, riding on the local trend of increasing premiumization coupled with the increasing exports of premium smartphones, especially from Apple. ‘Made in India’ shipments from Apple grew 65% YoY by volume and 162% YoY by value, taking the brand’s value share to 25% in 2022, up from 12% in 2021.
Senior Research Analyst Prachir Singh commenting on the local manufacturing ecosystem and Q4 2022 dynamics stated that "The high inventory, which has impacted the overall supply of smartphones, is now being felt at the manufacturing level. However, the premiumization trend is benefitting some of the manufacturers. Apple’s EMS (electronics manufacturing services) partners Foxconn Hon Hai and Wistron were the fastest growing manufacturers among the top 10 in Q4 2022. The growth was also fueled by increasing exports from Apple. In terms of overall exports, a volume growth of 37% YoY was witnessed. Further, the contribution of exports in the total ‘Made in India’ smartphone shipments reached the highest ever in 2022 both in volume (20%) and value terms (30%).