iPhone sales are apparently up by 56 percent year over year in India, and Apple is making significant inroads in the country, where CEO Tim Cook hopes to find continued success in the future thanks to the massive young population.
Despite companies such as Samsung and Intex dominating the India market, Apple is still growing with sales up 56 percent according to the latest data from Canalys. As the second-fastest growing smartphone firm in the top ten, Apple has started to rival Samsung’s dominance in the premium segment.
Regarding market share for devices that cost more than $300, Apple grew from 11 percent in Q1 2015 to 29 percent in Aq 2016, leading to losses for Samsung which saw its share fall from 66 percent to 41 percent over the same period.
“Apple is outperforming the overall market in India, and still has great growth potential”, said Canalys Mobility analyst Wilmer Ang.
Last quarter, Apple suffered its first year over year fall in iPhone sales, especially in China, were total sales fell by 26 percent. But CEO Tim Book says the doom and gloom among investors was a huge overreaction.
Cook has instead looked towards growing demand in India, even appearing on “Mad Money”, noting that 50 percent of India’s population is 25 or younger and those consumers want to buy the best products available.
Further, in the latest quarterly earnings call, Cook highlighted how sales in India were growing and that would be placing increasing emphasis in such markets where the is room for huge growth.
“With only 42 percent smartphone penetration of the global handset market today, iPhone is still attracting millions of first-time smartphone buyers each quarter, especially from emerging markets. For example, in India our iPhone sales were up 56 percent from a year ago”, said Cook.
Larry Banks is a keen follower of technology and finance. He has worked for a variety of online publications, writing about a diverse range of topics including mobile networks, patents, and Internet video delivery technologies.