Apple will sell the just launched iPhone 16 Pro lineup in India at prices approximately 15,000 rupees ($178) lower than its predecessor’s launch prices, as it extends the benefits from reduced import duties and expanding local manufacturing to consumers. The company unveiled the new phones at its Apple Event 2024 on Monday.
The iPhone 16 Pro and Pro Max models now start at 119,900 rupees ($1,428) and 144,900 rupees ($1,725) respectively, compared to their iPhone 15 Pro counterparts, which were priced at 134,900 rupees ($1,606) and 159,900 rupees ($1,904) at launch. Apple is retaining the same price as last year in most other geographies, according to Bernstein.
This price reduction follows India’s recent decision to lower import duties on electronics and Apple’s expanding local manufacturing operations in the country. In July, Apple had already decreased prices of its pro iPhone 15 models in India by 3% to 4%.
Apple will soon commence sales of India-made iPhone 16 and iPhone 16 Pro models in the country, although initially it will rely on imports for the Pro models, according to a person familiar with the matter.
India has emerged as a key overseas market for Apple. Apple’s revenue from India jumped 42% to $8.7 billion in 2023 from a year earlier, according to Morgan Stanley.
iPhone shipments in India climbed 39% to 9.2 million units in 2023, making it the company’s fifth-largest market for its phones. India’s market for iPhones is larger than any single country in the European Union, Morgan Stanley added.
Apple’s share of the country’s smartphone market is also surging as the domestic economy improves. The company’s market share had reached double digits in Q4 last year, though the share has fallen in the quarters since, according to UBS.
