“I’ve stopped following industry reports but when a friend sent me the latest IDC report about the Indian smartphone market, I was amazed to see the exceptional growth of ultra premium brand(s) in India,” he said in a post on X.
According to International Data Corporation, Apple was on the 7th spot in the list of unit market share grabbed by the top 10 smartphone brands in the second quarter of 2023 (2Q 2023) on a year-over-year (YoY) basis.
“Incredible to see the $1,000+ brand now being one of the fastest-growing brands, with 60+% YoY growth and over 5% market share. 9 years ago, market share of this brand was minuscule, probably less than 0.5%,” he added.
The market share of Apple in 2Q 2023 is 5.5% , an increase from 3.3% in 2Q 2022, registering a YoY unit change of 61.1%, IDC said.
OnePlus also grabbed “over 5% market share” and “60+% YoY growth” but it is not an “ultra premium $1,000+ brand”.
Indians spending in aspirational products
Jain also pointed out that Indian customers are willing to purchase aspirational products and that technology innovation can help the companies achieve the extraordinary.
“Testament to the growing buying power of Indian consumers and their willingness to invest in aspirational products. Smartphones are no longer only utility tools; slowly they are also transforming into symbols of aspiration and style,” Jain noted.
“This is one industry where technology (and market share!) can change rapidly. And technology innovation, creativity, and a pulse on evolving trends, can truly help achieve the extraordinary,” he added.
Not joining the brand
Jain also clarified that he is not joining Apple. “I am not joining this brand, nor do I have any association with them,” he said.
Jain left Xiaomi in January this year. Xiaomi became the number one smartphone brand within three years of its launch in the country, he said in his farewell note.
