In a note to clients — as reported by AppleInsider — Piper Jaffray analyst Gene Munster said that Apple can add 62 million iOS users in India, though it wont’ be easy.
Citing recent studies, he notes that only 17% of the country's 1.25 billion citizens own a smartphone, with Apple holding a 3% to 5% marketshare last year. Based on the current Indian annual smartphone base, Munster estimates Apple would add 10 million in incremental iPhone units if it increases Indian marketshare to China levels. That number jumps to 16 million iOS users assuming identical smartphone penetration rates and carrying over Apple's current Indian marketshare. All total, Apple could theoretically gain 62 million iOS device users in India.
However, there are challenges — mainly money. Notably, Indian citizens aren’t wealthy. To help counter this, Apple has sought permission from the government in India to sell used iPhones in the country, but so far the proposal has gone nowhere.