New Delhi, Jan 29 (IANS): Riding on the premiumisation trend in India, iPhones grew 28 per cent from 4 per cent market share in 2022 to more than 6 per cent in 2023, according to latest industry data.

In the fourth quarter of 2023 alone, iPhone shipments saw seven per cent growth in India, according to CMR data accessed by IANS.

Apple's Q4 2023 performance in India paints a picture of strong measured progress in a crucial growth market.

"The 28 per cent YoY growth in iPhone shipments in 2023 underlines Apple’s long-term growth potential in India. I believe India will power Apple’s growth over the next decade, just like China did in the previous one," said Prabhu Ram, Head, Industry Intelligence Group at CMR.

The iPhone 15 grew on the back of the rising premiumization trend in India.

"The continued significance of older generation iPhones, including the iPhone 14 and 13 series underscores the effectiveness of Apple's affordability initiatives and targeted retail strategies in appealing to a broader spectrum of Indian consumers, contributing to the overall growth," Ram told IANS.

As India doubles down on local manufacturing, Apple assembled iPhones worth more than Rs 1 lakh crore in India in 2023, according to industry data.

However, according to industry sources, the actual market value of the iPhones manufactured/assembled in India could be much higher, depending on taxes in other countries.

Apple’s manufacturing in India is part of the goals set under the production-linked incentive (PLI) scheme.

Led by Apple, India is set to cross $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year (FY24), posting a growth of 35 per cent over the last fiscal year.

Apple's revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 per cent to Rs 49,321 crore and net profit rising 76 per cent to Rs 2,229 crore -- fastest growth of net profit for Apple in India in the last five years.