Apple’s India sales rose 33% year-on-year to a record high of nearly $8 billion for the year ending March 2024, Bloomberg reported on July 15, citing a source familiar with the matter. This significant increase underscores Apple’s concerted efforts to capture a larger market share in India and diversify its manufacturing and revenue streams beyond China.
iPhones accounted for more than half of the sales, the report noted. Apple representatives in India did not respond to requests for comment by either Reuters or Bloomberg.
Currently, Apple manufactures the latest iPhone 15 in India, though the higher-end Pro and Pro Max models are still produced elsewhere. According to Bloomberg, Apple now produces up to 14% of its marquee iPhone devices in India.
Apple CEO Tim Cook visited India in 2023 to inaugurate the country’s first two Apple Stores, which sell iPhones, iPads, MacBook computers, and other devices. The company reportedly plans to expand its India workforce to 500,000 over the next three years and shift half of its China-based supply chain to India.
“I see it as an incredibly exciting market and it’s a major focus for us,” Cook stated during Apple’s earnings call in May.
For 2024, Apple and Samsung are expected to lead India’s smartphone revenue, projected to reach $45.6 billion, a 14% increase from the previous year, as per executives and market analysts interviewed by Moneycontrol. Canalys senior analyst Sanyam Chaurasia attributed the growth to higher average selling prices (ASPs), driven by increased costs from offline channel investments and components being passed on to consumers.
Additionally, Apple is reportedly considering manufacturing iPads in India, as sources familiar with the company’s plans disclosed to Moneycontrol. Experts project that Apple will maintain its growth momentum in India, with iPhone shipments expected to rise by over 20% in 2024, supported by premiumisation trends, domestic manufacturing, and strong distribution networks.
