Apple's India sales rose 33% on year to a record high of nearly $8 billion for the year ended March 2024, Bloomberg reported on July 15, citing a person familiar with the matter.
iPhones accounted for more than half of the sales, the news report said. Apple representatives in India did not respond to requests for comment by either Reuters or Bloomberg.
This surge in sales underscores Apple’s effort to increase market share in India, and the steady progress in diversifying the manufacturing and revenue streams beyond the Chinese market. For now, Apple makes the latest iPhone 15 in India, but not the higher-end Pro and Pro Max models.
Apple now makes as much as 14% its marquee iPhone device from India, according to a Bloomberg report.
Apple CEO Tim Cook had visited India in 2023 to inaugurate the country’s first two Apple Stores that sell iPhones, iPads, MacBook computers and other devices. The company reportedly has plans to ramp up its India workforce to 500,000 over the next three years, and shift half of its China-based supply chain here, according to news reports.
“I see it as an incredibly exciting market and it’s a major focus for us,” Cook had said about Indian market during Apple’s earnings call in May.
For this year as well, Apple and Samsung are poised to lead India's smartphone revenue, projected to touch $45.6 billion in 2024, rising by 14 percent from the previous year, executives and market trackers have told Moneycontrol.
Canalys senior analyst Sanyam Chaurasia has said the growth would be mainly because of higher prices. “The average selling prices (ASPs) are expected to rise as brands pass on increased costs from offline channel investments and components to consumers,” Chaurasia said.
Going forward, Apple may even prepare to manufacture iPads in India, people directly aware of the company’s plans told Moneycontrol, requesting anonymity.
It is expected that Apple will sustain its growth momentum in India, and iPhone shipments are projected to increase by over 20 percent in 2024 on the back of the premiumisation wave, domestic manufacturing support and strong distribution, experts said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
