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iPhone shipments in the third quarter of 2024 crossed 4 million units for the first time, driven by steep discounts, multiple financing options, and a strong demand for premium handsets during the festive season, said research firm IDC in a report released Wednesday.
The iPhone 15 and iPhone 13 models were the most popular, according to IDC. Record shipments led to Apple cornering majority share in the smartphone market in value terms, widening the gap with Samsung. Apple’s revenue share in the market stood at 27.2% while Samsung’s share stood at 15.2%.
IDC’s data counters a Counterpoint Research report which said Samsung led the market in value terms with 22.8% share, while Apple came second with 21.6% share.
With Apple’s gains, overall shipments in the industry grew 6% on-year in Q3. This is the fifth consecutive quarter of volume growth. Shipments crossed 46 million units with Vivo capturing the top spot in volume terms at 15.8% share, IDC said.
The festive season also drove up the average selling prices, which surged 3.8% sequentially, but remained flat on-year, with the $200-400 price segment registering a strong growth of 42% on-year. The premium segment ($600-800) remained the fastest growing, registering 86% on-year growth.
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“Cyclical dip in demand after the festive period and high shipments in 3Q24 will result in higher stock levels across channels in 4Q24. Thus, India’s smartphone market is expected to exit 2024 with a low single-digit annual growth,” said Navkendar Singh, associate vice president, IDC.”For the market to see high growth in 2025, it needs strong momentum in mass and entry-premium segments (US$100
The research firm observed that the share of 5G smartphone shipments increased to 83% of the overall shipments, up from 57% in 3Q23, while 5G smartphone ASPs declined by 20% YoY to US$292. 5G shipments in the $100-200 price segment almost doubled, reaching 50% share.
Earlier in an earnings call, Apple chief executive Tim Cook said the company clocked record revenues for yet another quarter in India.
“iPhone grew in every geographic segment, marking a new September-quarter revenue record for the category… And we continue to be excited by the enthusiasm we’re seeing in India, where we set an all-time revenue record,” Cook said.
The company plans to open four more stores likely in Bengaluru and Pune, and one more each in New Delhi and Mumbai, Cook said.
Shipments to online channels grew by 8% on-year with its share increasing to 51% in Q3 from 50% last year. Apple was the second largest player in the online channel, with the iPhone 15 and iPhone 13 as the highest-selling models. Offline shipments also increased 3% on-year.
Q3 2024 report card: volume market share
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