Apple's sales in India surged by 33% in the last fiscal year, reaching a record high
Apple's sales in the Indian market have reached a historic high of nearly $8 billion, with a 33% increase. Apple is ramping up its production and sales efforts in India, viewing it as an important market for diversifying manufacturing and revenue. Although the Indian market accounts for only 2% of Apple's total sales, with the expansion of the Indian economy and the growth of the middle class, Apple's market share in India is expected to continue to rise. Apple CEO Cook visited India last year, opened two flagship stores, and sees India as the next growth market. In addition, Apple is also expanding its manufacturing operations in India
According to the Zhitong Finance and Economics APP, Apple (AAPL.US) has set a record of nearly $8 billion in annual sales in India, highlighting the rapid growth of the iPhone maker in the Indian market. It is understood that Apple is shifting more production lines to India and operating two flagship stores locally.
Insiders revealed that in the 12 months ending in March this year, the company's revenue in India increased by about 33% from the same period last year, reaching $6 billion. The insider stated that iPhones accounted for more than half of the sales.
This growth indicates that Apple is making steady progress in winning users in the country with the largest population in the world. With the expanding economy, the purchasing power of consumers in this country is gradually strengthening. The company sees India as a way to diversify its manufacturing and revenue sources outside of China.
Apple does not separately list the revenue situation in India in its income statement, but according to regulations, the company must report its annual sales in India to the local government. Apple's representative in India did not respond to requests for comment.
Data from Counterpoint Research shows that the Indian market is mainly dominated by inexpensive Chinese devices using the Google Android mobile operating system, with iPhones accounting for only about 3.5% of the approximately 690 million smartphones in India. Although India is one of Apple's fastest-growing markets, this South Asian country accounts for only about 2% of Apple's sales of $383 billion in the most recent fiscal year.
CEO Cook is trying to change this situation. He visited India last year and opened the first two Apple stores in the country selling iPhones, iPads, MacBooks, and other devices and accessories. The steadily expanding middle class in India sees Apple products as a symbol of status.
Apple's revenue in China shrank to $72.6 billion in the last fiscal year, but in recent months, iPhone sales have rebounded strongly due to significant discounts by retailers. However, geopolitical tensions continue to drive the company and other global tech companies to focus more on India as the next growth market.
Apple is also rapidly expanding its manufacturing business in India. Currently, the company produces models including the latest iPhone 15 in India, but not the higher-spec Pro and Pro Max models. Most of the devices assembled by the company in India are used for export. It was reported earlier that in the last fiscal year, Apple's assembly partners in India doubled the production of iPhones to $14 billion. This means that products currently produced by Apple in India account for about 14% of its branded devices or one-seventh During the Apple earnings call in May this year, Cook stated that the company is working on various aspects in India, from development to marketing and operations.
He said: "I think this is a very exciting market and a focus for us."