The prices of iPhones, including the 13, 14, and 15 models, will be reduced by ₹300 as Apple reduces prices across these models. Additionally, the iPhone SE will see a significant price drop of ₹2,300 following Apple’s decision to reduce prices.
Apple has reduced iPhone prices by 3-4% across its entire range. As a result, customers can save between ₹5,100 and ₹6,000 on Pro and Pro Max models. The iPhone 13, 14, and 15 will see a price drop of ₹300, while the iPhone SE will be reduced by ₹2,300.
This is the first time Apple has lowered prices for its Pro models. Typically, the company discontinues Pro models once new generations are released, and only dealers and resellers offer selective discounts to clear out older inventory. As a result, the maximum retail price (MRP) of Pro models had previously remained unchanged, according to experts cited.
Apple has reduced the prices of its Pro models following a decrease in basic customs duty on mobile phones from 20% to 15% in the Union Budget 2024, announced by Nirmala Sitharaman on July 23. The budget also lowered customs duties on printed circuit board assemblies for mobile phones and mobile phone chargers.
Currently, imported smartphones in India are subject to 18% GST and 22% customs duty. The surcharge, which is 10% of the basic customs duty, will remain in place. As a result, the total customs duty will now be 16.5% (15% basic duty plus 1.5% surcharge). For domestically manufactured phones, only 18% GST is applied.
For Apple, nearly 99% of the mobile phones sold in India are produced locally, with only a few high-end models being imported.
Apple has reduced the prices of its Pro iPhone models in India by 3% to 4% following a reduction in import duties on smartphones from 20% to 15%. The price adjustments include a decrease of ₹300 (about $3.6) for the iPhone 13, iPhone 14, and iPhone 15, ₹2,300 ($27.5) for the iPhone SE, and up to ₹6,000 ($72) for the iPhone 15 Pro and Pro Max.
This is the first instance of Apple lowering prices on its current-generation Pro models in India.
The price cut comes amid a slowdown in iPhone demand in China. According to market research firm Canalys, Apple’s smartphone shipments in China fell by 6.7% in the quarter ending June compared to the previous year. Canalys research analyst Lucas Zhong noted that Apple is encountering challenges in mainland China.
Apple declined to comment on the situation.
While the price reduction is a positive development, iPhones remain quite expensive in India. For example, the cheapest iPhone 15 Pro model, priced at $999 in the U.S., still costs $1,550 in India.
India has become a significant market for Apple, which is expanding its manufacturing presence in the country. Apple’s revenue from India surged 42% to $8.7 billion in 2023, according to Morgan Stanley. iPhone shipments in India grew by 39% to 9.2 million units in 2023, making it Apple’s fifth-largest market, larger than any single country in the European Union.
Apple’s market share in India’s smartphone sector has also been increasing as the domestic economy strengthens. The company’s market share reached double digits in Q4 last year, though it has since declined, according to UBS and Counterpoint.
Moneycontrol reported that Apple plans to start assembling its next-generation Pro iPhone models in India later this year. Similarly, Google announced it will begin manufacturing its Pixel smartphones in India starting in 2024.
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