Apple's sales in India reach around $8 billion, as demand for iPhones rises
By MYBRANDBOOK
Apple Inc. is rapidly expanding its market in India, where it has opened two flagship stores and increased its yearly sales to a record high of around $8 billion. According to a report, revenue in India increased from $6 billion to almost 33% during the course of the year that ended in March. The report further said that iPhones accounted for more than half of the sales.
In April, Apple’s two India-based company-owned outlets each reported revenue of INR 190-210 Cr in the fiscal year ended March 31, 2024 (FY24), emerging as the top-performing retail outlets of the iPhone maker globally.
In January last year, Union Minister Piyush Goyal said the tech giant was aiming to increase the share of its production in India to 25% of its total production from 5%-7% then.
The company manufactured iPhones worth INR 1 Lakh Cr in India in 2023. In terms of its total output, ‘Made in India’ iPhones worth INR 65,000 Cr were reportedly exported in the twelve month period between January and December 2023.
The Cupertino-based tech giant shipped more than 10 Mn iPhones last year, clinching the top smartphone brand by revenue in India, surpassing its Korean rival Samsung.
Apple accounted for 23% of smartphone revenue share in 2023, despite capturing just around 6.5% market share by volume – its highest ever – as compared to Samsung which had 18% volume share and 21% revenue share, followed by Vivo with 13% revenue share.
Meanwhile, the Competition Commission of India (CCI) has reportedly found the iPhone maker guilty of abusing its dominant position in the app store market, earlier this month.
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