Apple's Bold Price Hike Shocks Indian iPhone Market

Apple has significantly raised iPhone prices in India, with hikes as high as 41% following a recent event. Elevated component costs and competition are driving these changes. Despite local assembly, taxes and duties keep Indian prices high. The new foldable iPhone Duo debuts amid mixed reactions.

Apple's recent decision to drastically increase iPhone prices in India, by as much as 41%, has sent ripples through one of its fastest-growing markets. This move diverges from the company's typical practice of discounting older models.

The price surges come on the heels of the 'Surprise and Shine' event, where Apple's new CEO, John Ternus, introduced the company's first foldable phone, the iPhone Duo. While the U.S. also saw price increases, they were more moderate, ranging from 10% to 21%.

The hikes are partly attributed to rising memory and storage chip costs driven by a surge in AI demand. Despite assembling a substantial number of iPhones locally, Indian consumers aren't spared from high taxation and import duties, pushing prices well above U.S. levels.