Apple revenue in India increased by 33% after 12 months, a positive sign in its efforts to “usurp” Android smartphones in the country.
iPhone 15 Pro on display in the Apple Store in Mumbai (India). Photo: Bloomberg.
According to a source from Bloomberg, Apple revenue in India in the last 12 months (as of March 2024) increased by 33%, from 6 billion to nearly 8 billion USD. In which, more than 50% comes from expensive iPhone models.
This is a positive number for Apple after many efforts to attract users in the world’s most populous country, a fast-growing economy leading to increasing purchasing power.
Apple does not disclose revenue in India in its periodic financial statements, but still has to provide figures to local authorities. Apple representative in India did not comment.
According to data from Counterpoint Research, the Indian smartphone market is dominated by Chinese low-cost companies. iPhones account for only about 3.5% of the total 690 million smartphones in use.
Although India is one of Apple fastest-growing markets, the South Asian country contributed only about 2% of revenue in the most recent fiscal year ($383 billion).
Apple has taken India more seriously when CEO Tim Cook came here last year to open its first two stores. The middle class is expanding in the country of billions of people, who see Apple products as a symbol of status.
For China, this market recorded revenue in 2023 falling to $72.6 billion due to a cooling economy, although iPhone sales have gradually recovered in recent months thanks to price reductions.
Not only retail sales, Apple is also targeting India in its strategy of diversifying its supply, reducing its dependence on China – a country that is suffering from a trade war with the US.
Apple is rapidly expanding production in India with the iPhone 15 and 15 Plus, most of which are exported abroad. In fiscal year 2023, Apple assembly partner in India recorded a doubling of iPhone production ($14 billion), which means Apple is producing 14% (about 1/7) of iPhones from India.
In the latest quarterly financial report in May, CEO Tim Cook affirmed that Apple is strengthening many activities in India from development, market to operation.
“I think this is an extremely interesting market, which is also Apple main focus,” Cook emphasized.