After setting a quarterly revenue record for the April-June period, Apple is projected to increase its revenue by 20 percent, crossing $9.5 billion in 2024. The revenue growth will be driven not only by the iPhone but also by other non-handset categories, such as MacBooks and iPads, which will contribute significantly to the increase.
“Apple's expanding market share in India is driven by its premium positioning, brand aspiration, and a strategic focus on increasing retail presence in tier-2 and tier-3 cities. Increased local manufacturing under the 'Make in India' initiative is helping reduce costs. We are expecting over 20 percent growth in revenues in this calendar year as other categories also picked up,” Tarun Pathak, associate director at Counterpoint Research, told Moneycontrol.
According to Counterpoint data accessed by Moneycontrol, the iPhone maker’s non-smartphone revenue is projected to reach $1.3 billion in 2024, reflecting a 14 percent year-on-year growth. iPhone revenues alone will be around $8.2 billion in 2024.
In 2023, Apple achieved a milestone of 10 million iPhone shipments in one full year, which will see 18-20 percent growth in 2024 calendar, according to Counterpoint estimates.
“Record buying of iPhones on EMI is expected in this festive season. It will launch new phones around September-October, which will drive sales. Additionally, Apple will have a wider range of portfolios in India, with even the iPhone 12 being relevant. The recent price cuts will see results soon,” Pathak said.
Apple announced its quarterly results for the fiscal 2024 third quarter, ending June 29. The company posted quarterly revenue of $85.8 billion, up 5 percent year-over-year.
During an investor call, Apple CEO Tim Cook revealed that the company set a new revenue record in more than two dozen countries, including India. “We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand,” Cook said.
Apple CEO Luca Maestri also revealed that revenue from Mac devices was up 2 percent year-over-year, and the company saw strong performance in emerging markets, with June quarter records for Mac in Latin America, India, and South Asia. As per Maestri, the Mac revenue was driven by the M3-powered MacBook Air.
While Apple didn’t reveal specific sales or shipment figures for the Indian market, market trackers like Counterpoint and CMR said that Apple’s quarterly shipments experienced sequential and annual decline due to intense competition, reduced seasonal demand and heatwaves
As per CMR, iPhone shipments in India declined 14 percent year-on-year due to intense competition in the market. Apple, ranked sixth in the overall smartphone market, experienced a 19 percent sequential decline in Q2.
The decline, as per CMR’s Prabhu Ram, aligns with historical trends for the quarter. “Going forward, Apple has significant headroom for growth in India, with the upcoming iPhone series and the festive season sales giving it the bump to bounce back. Apple is just beginning to tap into the Indian market and is poised for a strong decade of growth driven by this key market.”
Pathak attributed the decline primarily to offline sales due to fewer promotions and adverse conditions such as reduced seasonal demand and heatwaves in some regions. However, online sales improved during this period. Despite these challenges, the iPhone 15 remained Apple's top seller, mainly due to its significant upgrades over previous generations. This helped Apple close the quarter in record revenue. Meanwhile, demand for older models was relatively lesser,” Pathak said.
Faisal Kawoosa, founder and analyst at TechArch, says the quarter saw growth, particularly in non-iPhone categories, such as Mac/MacBook and iPads.
“While the iPhone remains the anchor product, Apple is growing its influence in the smart ecosystem, especially computing devices like Mac and iPad,” he added.
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