India, May 15 -- India's smartphone market reported its weakest quarterly performance in recent years. The first quarter of this year felt the pressure as shipments slowed down due to reduced demand, coupled with a sharp increase in memory and storage prices, stemming from geopolitical uncertainties. Analysts estimate this dip to be between 2% and 5% of an otherwise around 35 million units shipment spread. Premium phones offer a ray of hope for phone makers in terms of margins and volume driven by aspiration, in a market scenario where consumers are mostly adopting a wait and watch approach to discretionary purchases.

For India specifically, projections have for long suggested that Apple will accelerate manufacturing of iPhones in India,...