Not the UK or Japan India will be Apple's third largest iPhone market in just two years.

This article was first published on the Benzinga India portal.

According to Counterpoint Research, by 2026, India will surpass Japan and the United Kingdom to become the world's largest marketer ofApple Inc.(NASDAQ: AAPL) the third largest iPhone market.

In 2023, Apple reached a major milestone in India when iPhone shipments crossed the 10 million mark for the first time, thereby generating revenue.

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Interestingly, India-produced iPhones accounted for 131 TP3T of global shipments in 2023, a stunning leap from 11 TP3T in 2018. This surge is attributed to Apple's growing brand affinity in India, making it the fastest growing market for the tech giant in the coming years.

Looking ahead, Apple's Services division is expected to account for one-quarter of total revenue by 2025, surpassing the $100 billion mark in annual revenue. services such as the Apple Store, Apple Care+, and AppleOne subscriptions have fueled the growth of Apple's ecosystem, which has an installed base of more than 2 billion units.

The launch of Apple One subscription service in 2023 is expected to significantly increase Apple's service revenue, underscoring the importance of the iPhone in Apple's ecosystem. As Apple continues to penetrate emerging markets, demand for the iPhone is not only driving sales, but also the growth of Apple's entire product line, attracting new users to the iOS ecosystem.

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The article Not the UK or Japan: India to Become Apple's Third Largest iPhone Market in Two Years originally appeared on Benzinga.com.

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