Apple could have another bump year in India, with its revenue reaching nearly $10 billion. iPhones will account for most of this, with projected sales of around $8.2 billion.
Revenue from non-iPhone devices should also set a new record this year.
2024 could be another record year for Apple in India
Apple has been seeing terrific growth in India for the last few years. For the fiscal year that ended March 2024, the company saw its sales soar 33% in India to a record high.
According to data from research firm Counterpoint, a Moneycontrol report claims Apple’s sales will increase by 20% to reach $9.5 billion in 2024. Strong demand for Apple products and their wider availability in tier-2 and tier-3 Indian cities will drive this growth.
Counterpoint data says iPhones will account for around $8.2 billion alone of the projected $9.5 billion revenue. It projects iPhone sales to grow by 18-20% in India this year.
Apple’s sales of non-iPhone devices could also hit a new high of $1.3 billion, a 14% year-over-year growth. The Cupertino company has already had a record April-June quarter in India. As the festive season nears, sales of iPhones and other Apple products should further pick up steam in the coming months. Major Indian retailers provide heavy discounts on iPhones and attractive financing offers during this period.
India is still a small market for Apple
Despite the impressive growth, India’s contribution to Apple’s total sales is only around 2%. The company has room for growth, especially since its brand and products are aspirational for many people in the country. That’s why Apple is focusing so heavily on this market.
Even otherwise, India has become a key player in Apple’s post-pandemic supply chain. The company has ramped up its production efforts in the country, with its partners already manufacturing 1 out of 7 iPhones in India. This number is bound to rise further in the coming years, and Apple could eventually make 25-30% of iPhones sold globally in the country.
