Photograph: Apple
Apple might have one other bump 12 months in India, with its income reaching almost $10 billion. iPhones will account for many of this, with projected gross sales of round $8.2 billion.
Income from non-iPhone units must also set a brand new file this 12 months.
2024 might be one other file 12 months for Apple in India
Apple has been seeing terrific development in India for the previous couple of years. For the fiscal 12 months that ended March 2024, the corporate noticed its gross sales soar 33% in India to a file excessive.
In accordance with information from analysis agency Counterpoint, a Moneycontrol report claims Apple’s gross sales will improve by 20% to achieve $9.5 billion in 2024. Robust demand for Apple merchandise and their wider availability in tier-2 and tier-3 Indian cities will drive this development.
Counterpoint information says iPhones will account for round $8.2 billion alone of the projected $9.5 billion income. It initiatives iPhone gross sales to develop by 18-20% in India this 12 months.
Apple’s gross sales of non-iPhone units might additionally hit a brand new excessive of $1.3 billion, a 14% year-over-year development. The Cupertino firm has already had a file April-June quarter in India. Because the festive season nears, gross sales of iPhones and different Apple merchandise ought to additional decide up steam within the coming months. Main Indian retailers present heavy reductions on iPhones and engaging financing presents throughout this era.
India continues to be a small marketplace for Apple
Regardless of the spectacular development, India’s contribution to Apple’s complete gross sales is just round 2%. The corporate has room for development, particularly since its model and merchandise are aspirational for many individuals within the nation. That’s why Apple is focusing so closely on this market.
Even in any other case, India has grow to be a key participant in Apple’s post-pandemic provide chain. The corporate has ramped up its manufacturing efforts within the nation, with its companions already manufacturing 1 out of seven iPhones in India. This quantity is certain to rise additional within the coming years, and Apple might finally make 25-30% of iPhones offered globally within the nation.
