India becomes 5th largest iPhone market in world as sales grow by 50% in Q2 2023

India has reportedly become the fifth largest iPhone market in the world. Research firm Counterpoint told to reports that India has overtaken Germany and France in iPhone sales in the second quarter of 2023. The country is now behind only the UK, Japan, China and the US, marking India's entry into Apple's top list for the first time. five markets for iPhone sales.

The company said India accounted for 4 percent of all iPhone sales in the second quarter of 2023, with sales up 50 percent year-on-year. Apple now holds 5.1% market share in India in Q2 2023. The iPhone maker held 3.4% market share in the country in Q1 2023.

India's increased contribution to iPhone sales comes after Apple just ramped up its marketing efforts in the country. The Cupertino company has even opened two retail stores here and plans to open three more in the coming years. Apart from the existing Apple BKC in Mumbai and Apple Saket in Delhi, Apple is reportedly planning to add two more stores in Mumbai and one more in Delhi.

Samsung led the global smartphone market with a 22 percent market share, followed by Apple, which recorded its highest market share in Q2, according to Counterpoint Researcher's Market Pulse data. The iPhone maker reportedly achieved record shares in several new markets that aren't even considered its core markets, including India, where the company grew 50 percent year-over-year in Q2 2023 (as noted above).

This growth is attributed to the "premium" wave, where the premium segment is growing without restraint as mature consumers opt for a higher experience. The segment's share hit a record in the second quarter, Counterpoint Research said.