7 Out of Every 10 iPhones Bought in India Are on EMI – Here’s How Apple is Changing the Game
Apple’s revenue in India saw an impressive rise of 45% in the fiscal year 2022, reaching about $4 billion (around ₹33,000 crore). This was largely thanks to the company achieving its highest-ever iPhone sales in India during Q4 2022. Apple CEO Tim Cook attributed this success to “very strong double-digit growth in India.” One key point to note: these record-breaking sales came at the highest-ever average selling price for iPhones.
In 2021, Apple shipped around 4.8 million iPhones in India, marking a 75% increase compared to the previous year. Experts estimate that around 7 million iPhones were sold in India in 2022, which is a dramatic rise from the less than 2 million units sold in 2018.
The Key Behind Apple’s Sales Surge: EMI Options
The main reason behind this incredible growth is the availability of affordable equated monthly installments (EMIs). Traditionally, Apple has been seen as a premium brand, with prices that made it unaffordable for a large segment of the Indian population. But with the introduction of innovative pricing strategies, including EMI options, Apple has now made its products accessible to the upper-middle class in India.
For instance, the iPhone 14, which has a retail price of ₹79,900, can be bought on an EMI plan of ₹9,404 per month at Apple stores. On platforms like Amazon, the price is slightly lower at ₹78,400, with EMI options starting at ₹3,746 per month. These attractive EMI schemes allow a broader range of customers, including students, to purchase Apple products with their pocket money, making iPhones and even Macs affordable.
A New Strategy for Apple in India
This shift toward affordable EMI options marks a significant change in Apple’s approach, especially compared to the era of Steve Jobs. Back then, the focus was more on innovative features and cutting-edge design. Today, while the latest iPhone models may not show major design or feature differences, Apple is innovating in a new way—by making their products financially accessible to more people.
By focusing not just on the product itself, but on affordability, distribution, and availability, Apple is successfully reaching new markets in India. This has allowed the company to grow its customer base in a market where high-end devices were once out of reach for many.
Apple’s current strategy is similar to companies like Uber, Airbnb, and OYO, which didn’t change their core services but redefined how customers access and experience them. Apple’s success in India is driven by its ability to expand access to its premium products through EMI options, which is resonating well with Indian consumers.
Bureau Report: Talkaaj Media
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