Apple revenue record India: Apple overtakes Samsung in Q3, clocks record shipments

Apple clocked its largest ever quarterly shipments within the quarter ended September 2024 to grow to be the market chief when it comes to worth, in keeping with a report.

iPhone shipments within the third quarter of 2024 crossed 4 million models for the primary time, pushed by steep reductions, a number of financing choices, and a robust demand for premium handsets in the course of the festive season, mentioned analysis agency IDC in a report launched Wednesday.

The iPhone 15 and iPhone 13 fashions had been the preferred, in keeping with IDC. Report shipments led to Apple cornering majority share within the smartphone market in worth phrases, widening the hole with Samsung. Apple’s income share available in the market stood at 27.2% whereas Samsung’s share stood at 15.2%.

IDC’s knowledge counters a Counterpoint Analysis report which mentioned Samsung led the market in worth phrases with 22.8% share, whereas Apple got here second with 21.6% share.

With Apple’s good points, total shipments within the trade grew 6% on-year in Q3. That is the fifth consecutive quarter of quantity progress. Shipments crossed 46 million models with Vivo capturing the highest spot in quantity phrases at 15.8% share, IDC mentioned.

The festive season additionally drove up the common promoting costs, which surged 3.8% sequentially, however remained flat on-year, with the $200-400 worth phase registering a robust progress of 42% on-year. The premium phase ($600-800) remained the quickest rising, registering 86% on-year progress.

“Cyclical dip in demand after the festive interval and excessive shipments in 3Q24 will lead to greater inventory ranges throughout channels in 4Q24. Thus, India’s smartphone market is predicted to exit 2024 with a low single-digit annual progress,” mentioned Navkendar Singh, affiliate vice chairman, IDC.”For the market to see excessive progress in 2025, it wants robust momentum in mass and entry-premium segments (US$100

The analysis agency noticed that the share of 5G smartphone shipments elevated to 83% of the general shipments, up from 57% in 3Q23, whereas 5G smartphone ASPs declined by 20% YoY to US$292. 5G shipments within the $100-200 worth phase virtually doubled, reaching 50% share.

Earlier in an earnings name, Apple chief govt Tim Prepare dinner mentioned the corporate clocked file revenues for one more quarter in India.

“iPhone grew in each geographic phase, marking a brand new September-quarter income file for the class… And we proceed to be excited by the passion we’re seeing in India, the place we set an all-time income file,” Prepare dinner mentioned.

The corporate plans to open 4 extra shops possible in Bengaluru and Pune, and yet one more every in New Delhi and Mumbai, Prepare dinner mentioned.

Shipments to on-line channels grew by 8% on-year with its share rising to 51% in Q3 from 50% final yr. Apple was the second largest participant within the on-line channel, with the iPhone 15 and iPhone 13 because the highest-selling fashions. Offline shipments additionally elevated 3% on-year.

Q3 2024 report card: quantity market share