Apple Surpasses $10B in Annual Sales in India
Apple has exceeded $10 billion in annual sales in India for the first time, driven by strong demand for iPhones, iPads, and MacBooks. The achievement is notable given India's low per-capita income and higher iPhone prices compared to the US. Revenue grew at a double-digit percentage rate in the 12 months through March.
Key points
- Apple's sales in India reached $10 billion in its last fiscal year, according to a person familiar with the matter.
- Revenue grew at a double-digit percentage rate in the 12 months through March from about $9 billion a year earlier.
- iPhones accounted for a significant majority of the sales, while demand for iPads and MacBooks also rose.
- Apple sells the entry-level iPhone 17 model at 82,900 rupees ($870) in India, compared with the $799 price tag in the US.
- Around one in four iPhones are now made in India, but most of them are destined for sale in other countries.
Apple's success in India is a significant milestone for the company, marking a shift in the country's economy. For many years, iPhone sales in India were little more than a rounding error for Apple. However, the company was finally able to open Apple stores in the country, and revenue grew at a double-digit percentage rate in the 12 months through March.
The strong demand for Apple products in India is driven by a growing middle class and increasing smartphone adoption. Despite high taxes making Apple products more expensive in India than in the US, the company has been able to offset this to some degree by partnering with banks for credit card rebates.
Apple's ability to succeed in India is a testament to the company's global reach and adaptability. As the Indian market continues to grow, it is likely that Apple will remain a major player in the country.
Sources
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