Photograph: Apple
Apple’s income in India hit an all-time excessive of practically $8 billion within the final fiscal yr. The corporate reported a 33% bounce in revenues, up from $6 billion a yr in the past.
iPhones led the expansion, accounting for over half of all Apple units offered in India.
Apple gross sales in India are booming
Low-end and mid-range choices from Chinese language firms like Xiaomi, Realme, and Oppo dominate India’s smartphone market. It’s a price-sensitive market, however post-COVID, there was a shift in shopper style. They’re prepared to spend extra on a premium cellphone for a greater expertise.
Apple was main India’s premium smartphone section with a robust aspirational worth. Coupled with a better deal with the nation, Apple has seen iPhone gross sales soar in India in recent times. A Bloomberg report claims Apple noticed a 33% improve in India for the monetary yr ending March 2024. That is the second consecutive yr the corporate’s Indian arm has posted report revenues.
Extra importantly, it got here amid a slowdown in iPhone gross sales in China — a key marketplace for Apple. iPhone gross sales have since rebounded on the earth’s largest smartphone market.
Apple ought to proceed to see spectacular progress in India
Regardless of the meteoric rise, iPhone gross sales in India account for a fraction of the corporate’s complete gross sales in China or the US. The nation solely accounted for two% of Apple’s $383 billion income in 2023-24.
In the long run, India may change into Apple’s third-largest iPhone market—it’s at the moment the fifth-largest, due to financial progress and elevated shopper spending energy. For this reason the corporate is so closely specializing in it.
Apple has additionally diversified iPhone manufacturing away from China to India. The corporate already manufactures 1 out of seven iPhones within the nation, however this quantity ought to rise additional within the coming years. It additionally needs to develop the manufacturing of different units and equipment in India for export and to satisfy native demand.