Apple’s Bharat iPhone trade outpaces particular person EU international locations, Morgan Stanley says
Apple’s long-term guess on Bharat is starting to pay dividends. The corporate’s iPhone income in Bharat jumped 42% year-on-year in 2023 to $8.7 billion, Morgan Stanley wrote in a be aware on Friday.
The iPhone shipments in Bharat grew 39% year-on-year in 2023 to 9.2 million devices, making it iPhone’s 5th biggest smartphone marketplace. Bharat’s iPhone trade is now higher than any standalone nation within the Ecu Union, Morgan Stanley added.
“This means that in CY23, India represented 4% of iPhones shipments and revenue, up from 3% in CY22 and 1% 5 years ago. This compares to China iPhone shipments, which represented 20% of iPhone shipments and revenue in CY23 (down 1-2 points Y/Y, respectively),” the analysts wrote.
“Ultimately, this means that India as a standalone market is still not big enough to offset the declines we are seeing in the Chinese market today, but if India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027.”
Riding Bharat’s iPhone expansion is expanding shopper call for for top class units with extra vault capability instead than the untouched fashions. The typical iPhone bought in Bharat ultimate yr had round 260GB of reminiscence, a 26% build up over 2022, Morgan Stanley mentioned. Bharat’s iPhone moderate promoting costs (ASPs) grew 2% year-on-year to $940 in 2023.
The lead 5 iPhone fashions shipped within the nation have been iPhone 13, iPhone 14, iPhone 14 Plus, iPhone 14 Professional and iPhone 15 they usually made up 86% of general gross sales, consistent with information from analysis company IDC, cited by means of Morgan Stanley. At $940, Bharat’s iPhone ASPs nonetheless path the worldwide moderate of $1,045 by means of round 10%.
Apple sees Bharat as a big expansion engine in the future, opening its first two retail stores in the country last year. The corporate could also be increasingly shifting its iPhone manufacturing to the South Asian folk. Morgan Stanley estimates the tech vast’s Bharat income will succeed in $40 billion by means of 2032.
