Apple has recently lowered iPhone prices in India after the country cut its basic customs duty on mobile phones from 20% to 15%. This is the first time Apple has reduced prices on its latest Pro models in India.
The price drop ranges from 3% to 4% across different iPhone models. This change follows the Indian government’s decision to reduce import taxes, which makes it cheaper for Apple to bring phones into the country.
In the second quarter of the year, the Indian smartphone market grew by 1%, with 36.4 million phones shipped. Canalys, an independent analyst firm, reported that this slow growth is due to factors like elections, seasonal demand, and extreme weather in some regions. Many vendors are also trying to sell off their existing stock.
Looking ahead, Canalys expects the Indian smartphone market to grow a bit more during the festive season and for the rest of the year. However, there are challenges such as fluctuating demand, slow transition from feature phones to smartphones, and more people buying second-hand phones. As a result, brands often use special promotions to boost sales during festivals.
Apple opened its first physical store in India in April 2023, which helped increase its sales in the country by nearly 50%. Apple sees India’s growing middle class as a key opportunity to boost sales, especially as demand for technology products has slowed in other markets.
In another market, China, Apple also lowered prices, leading to a rebound in iPhone sales. After offering significant discounts on its Tmall site in China, Apple saw a strong increase in sales, with a 52% rise in April and a 40% increase in May. This was in response to competition from other high-end smartphone makers, like Huawei.
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