Apple’s India Sales Touch Nearly $8 Bn Mark As Demand Soar

SUMMARY

Apple Inc’s annual sales in India have jumped to a record high of nearly $8 Bn as the iPhone maker is rapidly expanding its market

As per Bloomberg’s report, revenue in India surged by about 33% over the 12 months ending in March, up from $6 Bn, a year ago

In April, Apple’s two India-based company-owned outlets each reported revenue of INR 190-210 Cr in FY24

Apple Inc’s annual sales in India have jumped to a record high of nearly $8 Bn as the iPhone maker is rapidly expanding its market where it now makes more devices and has rolled out two flagship stores.

As per Bloomberg’s report, citing sources, revenue in India surged by approximately 33% over the 12 months ending in March, up from $6 Bn the previous year.

The report further said that iPhones accounted for more than half of the sales.

This signals positive for the company to expand the country further, given the strong market opportunity and having established its two operational flagship outlets in India.

In April, Apple’s two India-based company-owned outlets each reported revenue of INR 190-210 Cr in the fiscal year ended March 31, 2024 (FY24), emerging as the top-performing retail outlets of the iPhone maker globally.

In January last year, Union Minister Piyush Goyal said the tech giant was aiming to increase the share of its production in India to 25% of its total production from 5%-7% then.

The company manufactured iPhones worth INR 1 Lakh Cr in India in 2023. In terms of its total output, ‘Made in India’ iPhones worth INR 65,000 Cr were reportedly exported in the twelve month period between January and December 2023.

The Cupertino-based tech giant shipped more than 10 Mn iPhones last year, clinching the top smartphone brand by revenue in India, surpassing its Korean rival Samsung, according to a report by market research firm Counterpoint.

Apple accounted for 23% of smartphone revenue share in 2023, despite capturing just around 6.5% market share by volume – its highest ever – as compared to Samsung which had 18% volume share and 21% revenue share, followed by Vivo with 13% revenue share.

Meanwhile, the Competition Commission of India (CCI) has reportedly found the iPhone maker guilty of abusing its dominant position in the app store market, earlier this month.

Citing a confidential report of the CCI’s investigation unit, Reuters said it found that Apple influences how digital businesses reach end consumers through its iOS platform and App Store.

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