“I have 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 brands in India,” Jain said in a post on X.
Based on the International Data Corporation’s report, Apple ranked 7th in terms of unit market share among the top 10 smartphone brands in the second quarter of 2023 (2Q 2023) on a year-over-year (YoY) basis.
“It is incredible to witness the growth of a $1,000+ brand, with over 60% YoY growth and more than 5% market share. 9 years ago, this brand had a tiny market share, probably less than 0.5%,” he added.
According to IDC, Apple’s market share in 2Q 2023 is 5.5%, an increase from 3.3% in 2Q 2022, showing a YoY unit change of 61.1%.
OnePlus also secured “over 5% market share” and “60+% YoY growth,” but it is not considered an “ultra-premium $1,000+ brand”.
Indians spending on aspirational products
Jain also highlighted that Indian customers are willing to invest in aspirational products and that technology innovation can lead companies to achieve extraordinary success.
“This demonstrates the increasing buying power of Indian consumers and their willingness to invest in aspirational products. Smartphones are no longer just utility tools; they are also becoming symbols of aspiration and style,” Jain remarked.
“This industry is one where technology and market share can change rapidly. Technology innovation, creativity, and a keen understanding of evolving trends can truly drive extraordinary accomplishments,” 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 stated.
Jain left Xiaomi in January of this year. He mentioned in his farewell note that Xiaomi became the number one smartphone brand in the country within three years of its launch.
Denial of responsibility! TechCodex is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
Alex Smith is a writer and editor with over 10 years of experience. He has written extensively on a variety of topics, including technology, business, and personal finance. His work has been published in a number of magazines and newspapers, and he is also the author of two books. Alex is passionate about helping people learn and grow, and he believes that writing is a powerful tool for communication and understanding.
