Surge in pre-orders for ‘Made in India’ iPhone 16 expected to break export records

Apple’s revenues in India are projected to grow by 18% year-on-year in 2024

Apple has reported a significant increase in pre-orders for its ‘Make in India’ iPhone 16, with the latest lineup set to launch in the country on September 20. Trade analysts anticipate that the new devices will shatter previous export records.

Early indications show that the iPhone 16 Pro models are gaining traction among consumers, driven by strategic pricing that makes them more accessible compared to the previous 15 series. The iPhones will be available at Apple retail locations, including Apple BKC in Mumbai and Apple Saket in New Delhi, as well as through authorized sellers.

According to Tarun Pathak, Director at Counterpoint Research, demand for the base iPhone 16 model is notably higher than last year, supported by attractive financing options. “The new 16 series is set to break previous records,” he stated.

Analysts expect a healthy mix of upgrades this year, fueled by the Indian government’s focus on local manufacturing. The iPhone 16 models are being produced and assembled in India, allowing for simultaneous availability alongside global markets.

Prabhu Ram, VP of Industry Research Group at CyberMedia Research, noted that Apple is benefiting from the premiumization trend in the Indian smartphone market. He also pointed out that older models like the iPhone 14 and 13 are likely to see increased sales during the upcoming festive season.

Apple’s latest iPhone 16 is part of a broader strategy that has seen the company achieve around $5 billion in iPhone exports from India in the April-August period of this fiscal year, representing a remarkable growth of over 50% compared to the same period last year.

The iPhone 16 Pro series’ more accessible pricing is expected to encourage upgrades across the Indian market, appealing to a wider range of consumers. Industry analyst Ming-Chi Kuo estimates that global pre-order sales for the iPhone 16 series could reach approximately 37 million units in its first weekend.

Looking ahead, Apple’s revenues in India are projected to grow by 18% year-on-year in 2024, bolstered by the new iPhone 16 series. The company currently holds a 6% market share by volume and 16% by value in India, with expectations that revenues could exceed $10 billion by 2025.

The production of iPhones in India has surged from less than 1% in 2017 to 10% in 2023, with plans to increase this figure to 25% of global shipments by 2025, according to global investment firm Jefferies. This shift underscores Apple’s commitment to expanding its footprint in the Indian market.

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