The news: India has made it into Apple's top five iPhone markets for the first time, surpassing both France and Germany, according to Counterpoint Research. What the numbers say: India experienced strong growth in iPhone sales during the second quarter of 2023, contributing close to 4% of overall iPhone sales, which is a 50% year-on-year increase. The country now ranks behind the U.K., Japan, China, and the U.S. in iPhone sales. The bigger picture: As part of its diversification strategy, Apple recently opened physical stores in Delhi and Mumbai, and has boosted manufacturing of iPhones in India. Despite the dominance of low-cost Android smartphones in India, the premium smartphone market has been growing, benefitting Apple, which shipped a record 6 million smartphones to the country last year. Meanwhile, Morgan Stanley analysts predict Apple's business in India could grow sevenfold to reach $40B within the next decade.
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