Apple has reduced the prices of its iPhone models in India by 3% to 4% following the Indian government’s decision to lower import duties on smartphones from 20% to 15%. The price cuts range from ₹300 (approximately $3.60) for models such as the iPhone 13, iPhone 14, and iPhone 15, to up to ₹6,000 (approximately $72) for the iPhone 15 Pro and Pro Max.
This price reduction marks the first time Apple has lowered prices on current-generation Pro models in India. The move comes at a time when demand for iPhones appears to be slowing in China. According to Canalys, Apple’s smartphone shipments in China declined by 6.7% in the quarter ending in June compared to the same period last year. This slowdown has created a bottleneck for Apple in mainland China, according to Canalys research analyst Lucas Zhong.
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Despite the price reduction, iPhones remain expensive in India. For example, the cheapest iPhone 15 Pro model costs $1,550 in India, compared to $999 in the United States.
India has emerged as a crucial market for Apple, with the company significantly expanding its manufacturing base in the country. According to Morgan Stanley, Apple’s revenue from India jumped 42% to $8.7 billion in 2023 from the previous year. iPhone shipments in India increased by 39% to 9.2 million units in 2023, making it the company’s fifth-largest market for its phones. India’s market for iPhones is now larger than any single country in the European Union.
Apple’s share of the Indian smartphone market is also on the rise as the domestic economy improves. The company’s market share reached double digits in Q4 of last year, though it has slightly fallen since, according to UBS and Counterpoint.
Additionally, Moneycontrol reported that Apple plans to start assembling the Pro models of its next-generation iPhone in India this year. This move aligns with Google’s announcement last year that it would begin manufacturing its Pixel lineup in India starting in 2024.
Key Points:
Price Reduction: Apple cuts iPhone prices in India by 3%-4% following reduced import duties.
China Slowdown: Demand for iPhones in China declines, impacting shipments.
India Market Growth: Significant increase in revenue and shipments in India.
Manufacturing Expansion: Plans to assemble next-gen iPhone Pro models in India.
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