In a major advancement into the rapidly growing Indian market, Apple Inc. reported a record annual sales figure of close to $8 billion, underscoring a robust 33% increase from the previous year’s $6 billion. This growth highlights Apple’s accelerating presence in India, where it not only assembles more of its devices but also operates two flagship stores.
According to sources familiar with the matter, more than half of Apple’s revenue in India is attributed to sales of its premium iPhones. Despite iPhones commanding a relatively modest 3.5% share in India’s vast smartphone market, which is dominated by cheaper Chinese alternatives running Android, Apple’s strategic focus on the country appears to be paying off.
India, recognized as one of Apple’s fastest-growing markets, offers a crucial opportunity for the tech giant to diversify its manufacturing and revenue streams beyond its more fraught relationship with China amidst ongoing trade tensions.
CEO Tim Cook has been actively pushing Apple’s expansion in India, exemplified by the opening of the country’s first two Apple Stores. These stores provide an extensive selection of Apple products, including iPhones, iPads, MacBook computers, and accessories, catering to India’s expanding middle class, where Apple products are increasingly viewed as status symbols.
Apple has ramped up its manufacturing efforts in India, with plans to locally produce more models, including the latest iPhone 15 series. Currently, India serves as a key assembly hub, with Apple’s partners doubling production to approximately $14 billion worth of iPhones last fiscal year.
Apple’s stock saw a positive reaction in premarket trading, reflecting investor optimism following the announcement of its strong performance in the Indian market.
This move not only strengthens Apple’s global footprint but also marks a pivotal step in its efforts to reduce reliance on its larger but more volatile market in China.
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