Apple’s revenue in India hit an all-time high of nearly $8 billion in the last fiscal year. The company reported a 33% jump in revenues, up from $6 billion a year ago.
iPhones led the growth, accounting for over half of all Apple devices sold in India.
Apple sales in India are booming
Low-end and mid-range offerings from Chinese companies like Xiaomi, Realme, and Oppo dominate India’s smartphone market. It is a price-sensitive market, but post-COVID, there has been a shift in consumer taste. They are willing to spend more on a premium phone for a better experience.
Apple was leading India’s premium smartphone segment with a strong aspirational value. Coupled with a greater focus on the country, Apple has seen iPhone sales soar in India in recent years. A Bloomberg report claims Apple saw a 33% increase in India for the financial year ending March 2024. This is the second consecutive year the company’s Indian arm has posted record revenues.
More importantly, it came amid a slowdown in iPhone sales in China — a key market for Apple. iPhone sales have since rebounded in the world’s largest smartphone market.
Apple should continue to see impressive growth in India
Despite the meteoric rise, iPhone sales in India account for a fraction of the company’s total sales in China or the US. The country only accounted for 2% of Apple’s $383 billion revenue in 2023-24.
In the long term, India could become Apple’s third-largest iPhone market—it is currently the fifth-largest, thanks to economic growth and increased consumer spending power. This is why the company is so heavily focusing on it.
Apple has also diversified iPhone production away from China to India. The company already manufactures 1 out of 7 iPhones in the country, but this number should rise further in the coming years. It also wants to expand the production of other devices and accessories in India for export and to meet local demand.
