Apple achieved a remarkable milestone by surpassing 2.5 million units in quarterly shipments during the third quarter (July-September) of this year in India.

This accomplishment marks the highest shipment record ever recorded by the company in the country.

Apple in India has entered a high-growth phase, witnessing a remarkable 34 percent increase in its performance compared to the previous year.

"Q3 2023 also marked the best quarter for Apple's shipments in the country, which crossed 2.5 million units," said research analyst Shubham Singh.

According to Singh, premiumisation is taking place in the world's second largest smartphone market, and Apple has once again managed to seize the opportune moment for capitalizing on this trend by offering its devices and financing options.

The smartphone shipments in India during the third quarter showed no growth.

"We saw some interesting launches, with key features like 5G and higher RAM (8GB) diffusing to affordable smartphones (sub-Rs 10,000). Many OEMs are now coming up with interesting financing schemes through partnerships with financial institutions and by marketing the per-day cost of buying a new device," said senior research analyst Shilpi Jain.

The smartphone market has been on a downward trend for nearly a year, but now it is finally bouncing back as consumer demand starts to rise again, just in time for the crucial festive season.

Samsung continued to dominate the market, securing its top spot for the fourth quarter in a row. This achievement was propelled by the remarkable performance of its A and M series, leading to a significant 17.2 percent market share.

Vivo maintained its position as the third-ranked brand, while also being recognized as the top performer in terms of growth. The company achieved an impressive 11% year-on-year growth, solidifying its position in the market.

According to the report, vivo's strong offline presence, focused approach to CMF (Colour, Material, Finish), and targeting the mid-premium segment through its sub-brand IQOO played a significant role in driving demand for the brand.