Apple’s sales in India over the past year reached a record high of nearly $6 billion by the end of March this year, according to reports.
Apple’s revenue in India over the past year was around US$6 billion at the end of March, up nearly 50 per cent from US$4.1 billion a year earlier, people familiar with the matter said. By contrast, Apple has previously hinted that global revenue will decline year-on-year in the first quarter of this year.
This highlights the importance of the Indian market to Apple, according to industry insiders. Later this week, Apple will open its first two retail shops in India to further drive revenue growth.
Apple CEO Tim Cook also said on the February earnings call, “India is a very exciting market for us and a major focus. We take this market very seriously.”
Apple, which launched its online shop in India in 2020, is opening its first physical retail shop in an upscale business district in the financial hub of Mumbai on Tuesday this week. Two days later, another shop will open in the capital, New Delhi.
Apple’s sales in India soared during the outbreak. That growth continues today, supported by policies such as trade-ins. But Apple’s share of the Indian smartphone market remains small, with only 4% of the nearly 700 million smartphone users using an iPhone.
In the year ending March 2022, Apple’s sales in India will be approximately $4.1 billion. This is less than 2% of its global revenue, but Apple is expanding its manufacturing base there. In the previous year, Apple tripled its iPhone production in India to more than $7 billion.