Apple Hits $6 Bn Sales In India, Revenue Grows By 50%

Apple Hits $6 Bn Sales In India, Revenue Grows By 50%

SUMMARY

Majority of the sales were driven by iPhone and wearable devices, while MacBook sales also gained traction over the last two years

Apple produces almost 7% of its iPhones in India as against a mere 1% in 2021

Apple began manufacturing iPhones in India in 2017

Ahead of its flagship store launch in Mumbai tomorrow, tech giant Apple has announced a new record of $6 Bn sales from India.

Further, Business Standard reported quoting sources that the company witnessed a revenue growth of nearly 50% since last year. Though Apple did not respond on it, Navkendar Singh, an analyst at IDC told the publication, “We can expect Apple to push hard on its sales and marketing levers to continue the surge in sales.” 

He furthered that the majority of the sales in India came from iPhones and wearable devices, but over the past two years, sales of MacBook also gained traction. 

The presence of Apple in India has been highly visible for some time now. Recently, the company reported tripled production of iPhones in India, to $7 Bn in FY23. According to reports, the Cupertino-based company now produces almost 7% of its iPhones in India as against a mere 1% in 2021. 

Apple began manufacturing iPhones in India in 2017, and since then, the company has worked with suppliers to assemble iPhone models and produce a growing number of components. Apple is eyeing major expansion across the country with its first official store set to be open in Mumbai tomorrow followed by Delhi on April 20. 

As per different reports, Cook has already arrived in India for the store inauguration ceremony to be held tomorrow.

In India Apple Hits $6 Bn Sales As Revenue Grows By 50%

Commenting on Apple’s association with India for more than 25 years, its CEO Tim Cook said, “At Apple, our mission is to enrich lives and empower people around the world. India has such a beautiful culture and an incredible energy, and we’re excited to build on our long-standing history — supporting our customers, investing in local communities, and working together to build a better future with innovations that serve humanity.”

Cook’s India sentiment has been prevalent in his recent comments as he said in February this year, “I’m very bullish on India.” Further, he addressed the Indian market as an ‘exciting one’ citing which, Apple is “putting a significant amount of energy” into the country.

Last month, following the recent retirement of Hugues Asseman, the vice president in charge of India, the Middle East, the Mediterranean, Eastern Europe and Africa, Apple undertook reshuffling of the leadership team to aim India as a key market.

Further, Apple’s supplier Foxconn has also been highly active in India. The company that manufactures 70% of all iPhones globally, announced an investment of $200 Mn in Telangana to set up a facility to manufacture AirPods.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Apple Hits $6 Bn Sales In India, Revenue Grows By 50%-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Apple Hits $6 Bn Sales In India, Revenue Grows By 50%-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Apple Hits $6 Bn Sales In India, Revenue Grows By 50%-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Apple Hits $6 Bn Sales In India, Revenue Grows By 50%-Inc42 Media
Apple Hits $6 Bn Sales In India, Revenue Grows By 50%-Inc42 Media
You’re in Good company