Apple Achieves Record Breaking Growth In India, Touches ₹50,000 Crore

2023 has been a momentous year for Apple in India. Not only did it open the first Apple Stores in the country with Apple BKC and Apple Saket, but it was also the year when Apple launched the latest iPhone on the same day as the US in the country. This comes after massive investments in local manufacturing which has also culminated in the Tata group now taking over Wistron’s manufacturing facility which will now help an Indian company make the iPhone in India for the first time. Already, India had become the 5th largest market for Apple, but now in another milestone, the India business has touched the Rs 50,000 crore (USD 6.8 billion) mark in the country, hence breaking all revenue records.

The iPhone is now the 6th most sold smartphone in the country with a market share that is still below 5% but it accounts for the most profitable part of the market. Apple dominates the ultra premium segment of the market with two thirds of the market to itself followed by the likes of Samsung and OnePlus.

Its sales in India have grown by 48% touching Rs 49,321 crore (USD 6.7 billion) with a massive increase in net profit that has increased by a whopping 76% to Rs 2,229 crore (USD 303 million). The sales according to the analysts are because of new generation devices which offer higher profit margins, reduction in component costs has also helped its case thanks to more localisation of the iPhone supply chain for manufacturing in the country.

Tarun Pathak of CounterPoint Research believes that Apple’s upward trajectory in India will continue in the coming years as the premium smartphone category takes off in India. This he believes is because of the increasing ability in consumer financing.

Pathak also believes that Apple’s services business is yet to peak and that will be an area that will further fuel its growth in India.

According to the registrar of companies filing, 94.6% of Apple’s revenue in India comes from sales of its devices. The remaining 5.4% comes from its services business, but globally that number is 30%. It should also be noted that some Apple services like Fitness+ and Apple News aren’t available in India.