iPhone sales rise 56% YoY in 1Q16
Apple’s (AAPL) iPhone sales rose 56% YoY (year-over-year) in India (INDA) in 1Q16, according to the market research firm Canalys. But Apple faces stiff competition from Samsung (SSNLF) and domestic players such as Intex and Micromax in Indian markets.
Apple is the second-fastest-growing smartphone manufacturer in India. In devices priced over $300, Apple’s share has grown from 11% in 1Q15 to 29% in 1Q16. In the same period, Samsung’s share has fallen from 66% to 41%. “Apple is outperforming the overall market in India, and still has great growth potential,” said Canalys Mobility analyst Wilmer Ang.
India’s growing smartphone market
Canalys also noted that the Indian smartphone market grew 12% YoY in 1Q16, with Lenovo (LNVGY) experiencing the largest growth and shipments rising 63% YoY. “With only 42 percent smartphone penetration of the global handset market today,” the company announced, “iPhone is still attracting millions of first-time smartphone buyers each quarter, especially from emerging markets…in India, our iPhone sales were up 56 percent from a year ago.”
But in the last reported fiscal quarter, Apple saw its first YoY decline in iPhone sales. This was mainly due to the decline smartphone sales in China (FXI), where sales fell 26%. The adoption of 4G LTE networks in India is one of the key drivers for higher iPhone sales in the future.
In the next part, we’ll drop in on some key investors in Apple’s stock.