In an unexpected and thrilling move, Apple has reduced the prices of its iPhone models in India by 3-4%, following a cut in import duties in the South Asian market. The price cuts range from 3,000 rupees ($36) for models like the iPhone 13, 14, and 15, to up to 6,000 rupees ($72) for the iPhone 15 Pro and Pro Max units.
This price reduction is a significant first for Apple, as it marks the initial lowering of prices for current-generation Pro models in India. The timing aligns with India’s recent decision to reduce the basic customs duty on mobile phones from 20% to 15%, a change announced in the country’s annual budget earlier this week.
The price cut also comes against the backdrop of a slowdown in iPhone shipments in China. According to industry data from Canalys, Apple’s smartphone shipments in China fell by 6.7% in the quarter ending June.
While Apple has not commented on the price adjustments, the reductions are seen as a strategic move to boost sales in a burgeoning market. However, even with the price cuts, iPhones remain costly in India. The base iPhone 15 Pro, which is priced at $999 in the U.S., still costs a steep $1,550 in India.
India has become a crucial overseas market for Apple, which is steadily expanding its manufacturing footprint in the world’s most populous nation. Apple’s revenue in India surged 42% year-on-year in 2023, reaching $8.7 billion, according to Morgan Stanley.
Moreover, iPhone shipments in India saw a substantial increase, growing 39% year-on-year in 2023 to 9.2 million units. This makes India the fifth largest market for iPhones, outpacing any single country in the European Union, according to Morgan Stanley.
The price reduction makes iPhones slightly more accessible in India, potentially boosting sales in this key market.
Apple’s expansion in India highlights the country’s growing significance as a manufacturing and sales hub for the tech giant.
Despite the cuts, iPhones remain relatively expensive in India, which may still limit their affordability for many consumers.
Overall, Apple’s decision to slash iPhone prices in India is a strategic move to strengthen its foothold in an increasingly vital market. As the company continues to expand its presence and manufacturing capabilities in India, the future looks promising for both Apple and its Indian customers. Get ready for more accessible cutting-edge tech as Apple solidifies its position in one of the world’s fastest-growing markets!