New Delhi, Sep 10 : Apple revenues in India are likely to grow 18 per cent (year-on-year) in 2024 and the new iPhone 16 series would help the company further solidify its presence in the country, along with boosting its exports figures, industry analysts said on Tuesday.

The tech giant has introduced iPhone 16 series with Apple Intelligence, larger display sizes, camera control, innovative pro-camera features and a big leap in battery life. The Pro version is cheaper than last year and this will further help the company in the India market, said experts.

'Apple has 6 per cent share by volume and 16 per cent by value in India. The double-digit growth will continue, with revenues expected to cross the $10 billion mark in 2025 in the country,' Counterpoint Research Director Tarun Pathak told IANS.

With the iPhone 16 series, available in India from September 20 with attractive financing options, the analysts expect a healthy mix of upgrades this year for Apple in the country.

However, the bulk of the iPhone growth in India will still come from first-time iPhone users. Apple continues to enjoy the strong pull and lately expanding its channel presence in the country that helped the brand to grow.

'Apple remains an aspirational brand as it caters to premium segment only and the only hindrance for consumers was affordability. With the availability of many financing schemes in the market, iPhones have become affordable to a larger section of population,' Pathak noted

According to latest consumer research, 6 out of 10 users in premium segment buy smartphones through a financing scheme.

Apple is peaking at a right time in India, especially when the premiumisation trend is rising with almost 17 per cent of the volumes and 45 per cent of value coming from premium segment alone (Rs 30,000 and above).

'Hence, Apple revenues in India are likely to grow 18 per cent YoY in 2024 While the iPhone remains the major driver, there would be growth in other hardware categories as well,' said Pathak.

Buoyed by the 'Make in India' initiative and the production-linked incentive (PLI) scheme, iPhone production in India has gone up from less than 1 per cent in 2017 to 10 per cent in 2023 and plans are to scale it up to 25 per cent of global shipments by 2025, according to global investment firm Jefferies.

The company aims to manufacture more than 50 million iPhones in India per year. The iPhone exports from India surged sharply to $12.1 billion in 2023-24 from $6.27 billion in 2022-23. Overall, the company's India operations reached 23.5 billion dollars in value in the last fiscal (FY24).

According to Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR), Apple is slated to build on its solid growth momentum in India with the Apple iPhone 16 series, driven primarily by increased 'Make in India' manufacturing, and backed by aggressive marketing.

'Driven by Apple's aspirational appeal, consumers are increasingly prioritising the newest generation of iPhones, bucking the historical trend of purchasing old generation iPhones,' he noted.

The iPhone 16 Pro series benefits from more strategic and accessible pricing compared to its previous generation. This is expected to drive upgrades in the Indian market, making it more appealing to a wider range of consumers, said Ram.

Counterpoint Research Vice President, Neil Shah, said that last year, Apple clocked almost 10 million iPhone sales in India, its highest ever in the country.

'The momentum is really great with the government's thrust on local manufacturing as the iPhone 16 series will be manufactured in India with simultaneous availability along with global market,' Shah told IANS.

/IANS