Apple Price Down: All Details on Recent iPhone Price Cuts

It has recently announced significant price reductions for its iPhones sold in India, which are believed to be a strategic response to recent fiscal reforms in the country. At that precise instant, the Finance Minister of the nation, Nirmala Sitharaman, advocated for a reduction in the base customs duty on smartphones and components from 20% to 15% in the 2024 Union Budget.

iPhone New Price

iPhone SE: $49,000 to $47,000, a slash by $2,300.

iPhone 15 Pro Max: From $1,54,000 to $1,48,100, the price has been cut by $5,900.

Now, the iPhone 15 Pro comes for $1,29,800 against the earlier price of $1,34,900, down by $5,100.

Now, the iPhone 15 Plus comes for ₹89,600 as against the earlier price of ₹89,900.

iPhone 14: for 79,600, down from 79,900.

iPhone 13 and 14 Models: Its prices have been cut by $300 on each phone.

Because customs duties have been reduced, Apple has finally decided to alter the prices of these models so that they can be competitive in India. Hence, these reductions have taken place.

Customs Duty Cut

These reductions in prices have been due to changes in customs duties as per the Union Budget 2024. Basic custom duty on smartphones was reduced to 15 percent from 20 percent. Other reductions were given to printed circuit board assemblies and mobile chargers. Earlier this year, the duties were reduced on various components of a mobile phone.

These have brought down total customs duty on imported smartphones from an earlier 22% that included a 10% surcharge to 16.5%. This brings down customs duties, reduces the prices of the devices, and bumps up local manufacturing and assembly.

Response in Market and to Consumer:

It would therefore imply that the change in iPhone prices has to add up to making a better prospect for Apple in the Indian market—the region growing in importance for the company. To note, for Apple’s fifth-largest market for iPhones, revenues from India jumped 42 percent to $8.7 billion this year on the back of a 39 percent rise in iPhone shipments to 9.2 million units.

Even after these cuts, Apple devices continue to be costlier in India than their US prices. Take this case of the iPhone 15 Pro Max—the price comes close to $1,48,100 in India, while it will run for a rough $54,000 less in the US.

Future Outlook

The decision has also thus affirmed that Apple is striding through the ‘changing’ regulatory environment and stays committed to remaining competitive in the growing Indian smartphone market. It can further strengthen its market position and appeal to a larger customer base if Apple had been involved in fine-tuning its price strategy and increasing its local assembly.