We all know the trite jokes that come with the launch of every new iPhone by now. After all, the prices of Apple products in India are among the highest in the world due to steep import duties and taxes. The flagship iPhone 14 Pro starts at Rs 1.3 lakh (US$1,600)—which is almost as much as India’s per capita income. Then, what explains the fact that iPhone shipments to India doubled to ~6 million units in 2021 and are expected to cross 7 million units in 2022? Easy financing from credit cards is the main factor, so much so that 70% of iPhones are bought on EMIs. No wonder Apple saw its India revenue surge 45% to an all-time high of Rs 33,381 crore (~US$4 billion) in the year ended March 2022. Analysts estimate that as much as four-fifths of it came from iPhone sales. But the increase in sales for Apple has not translated into big gains for one key stakeholder: small retailers who have played a key role in its success in the country. We figure it out on the distance Apple has travelled and how much ground it has left to cover to achieve dominance in the Indian premium-smartphone market
