The biggest IT company in the world has every reason to celebrate. According to Bloomberg, Apple’s revenue in India surged by 33% over the past 12 months, reaching $8 billion. Over half of this income comes from iPhone sales. As a result, the company's stock price advanced by 2%.
Earlier, in April, Bloomberg News reported that Apple had assembled iPhones worth $14 billion in India during the previous fiscal year. The publication highlighted that 14% of high-end smartphones were manufactured in the country.
Analysts believe that the current growth in iPhone sales reflects Apple’s active expansion into the Indian market. There has been a notable increase in consumer spending here, along with an economic upswing. Apple plans to expand production in India and increase company revenue. The IT giant previously focused on China, but business conditions became more challenging. China is currently dealing with trade disputes with the United States, which have affected many companies. The strained relations between Washington and Beijing have prompted Apple and other international tech companies to turn their attention to India.
Analysts observe that the Indian market is currently dominated by inexpensive smartphones from Chinese manufacturers, running on Google’s Android platform. iPhones make up just 3.5% of the 690 million smartphones in use in India. Nevertheless, this does not stop Apple from pushing its strategy.
India is now one of the fastest-growing markets, including for Apple. This Asian country accounts for about 2% of the total sales of the IT company, which amounted to $383 billion in the last fiscal year.
As for Apple’s revenue from China, it has decreased to $72.6 billion amid the economic slowdown. However, iPhone sales have recently picked up again. Significant discounts offered by retail chains have played a crucial role in this recovery.
The tech giant is currently boosting its manufacturing presence in India. Various iPhone models, including the latest iPhone 15, are now produced in this Asian country. However, more advanced models like the Pro and Pro Max are not manufactured there. The lion’s share of devices assembled in India is exported.
According to Bloomberg, Apple’s key partners in India have doubled iPhone production to $14 billion in the last fiscal year.
