Apple's India Sales Surge to $8 Billion as China Diversification Strategy Pays Off

Apple's pivot from China to India is working

Apple's annual sales in India jumped 33%, Bloomberg reported Monday, citing data from India's Registrar of Companies. Sales for the 12 months ended March 31 totaled nearly $8 billion, with iPhones making up almost half of all sales. The boost in sales signal that Apple's pivot from China is working. Apple has worked to expand its footprint in Asian countries such as India, Indonesia and Vietnam as it looks to reduce its reliance on China. In recent years, Apple has strengthened its ties with India on both the supply and demand side of its business, producing iPhones there since 2017 and opening its first retail store in the country last year. On the demand side, Apple has looked to tap into the country, home to the world's largest population. India's smartphone market has historically been dominated by Google's Androids, and iPhones still represent only 3.5% of smartphones in use by consumers there. Apple's recent sales surge in India comes just as sales in China slump. On the supply-side, Apple has been encouraging suppliers to move toward India-made batteries for its smartphones and move some production to India. About 14% of its iPhones were made in India last year. Apple is also investing more in suppliers in Vietnam, and it may start making iPhones in Indonesia as well. Apple shares surged to another new high on Monday, at one point hitting $237, and its market cap soared to $3.6 trillion. The company became the first to hit a market capitalization of more than $3.5 trillion last week. Apple has experienced a massive stock rally since unveiling its AI strategy at the Worldwide Developer Conference in June.

Apple's India Sales Soar to Record $8 Billion as China Diversification Continues

Apple's revenue in India surged by approximately 33% ($8 B) in the fiscal year ending March 2024, compared to $6 billion in the previous year. Apple Inc. has achieved a significant milestone in India, with its annual sales reaching a record of nearly $8 billion. This remarkable growth underscores the rapidly expanding market where the tech giant is increasingly focusing its manufacturing efforts and retail presence. Apple's revenue in India surged by approximately 33% in the fiscal year ending March 2024, compared to $6 billion in the previous year. This substantial increase highlights the company's successful penetration of the Indian market, with premium iPhones contributing to over half of the total sales.The growth is not limited to sales alone. Apple has also made significant strides in its manufacturing capabilities within India: Read more: Apple's 'Big AI Plans' Coming Soon Apple's success in India is part of a broader strategy to diversify its manufacturing base away from China. This shift is driven by several factors: The company is actively expanding its supplier network in India, with plans to manufacture more components locally. Recent reports suggest Apple is in talks with Indian companies to produce camera modules for iPhones within the country. As Apple continues to invest in its Indian operations, the market's importance is expected to grow further. The combination of a burgeoning middle class, government incentives like the Production-Linked Incentive (PLI) scheme, and Apple's commitment to local manufacturing positions India as a key player in the company's global strategy. With these developments, Apple is not only tapping into India's vast consumer market but also establishing the country as a crucial hub in its global supply chain, marking a significant shift in its long-term manufacturing and sales strategy.

Apple's India Sales Soar to Record $8 Billion as China Diversification Continues

Apple's revenue in India surged by approximately 33% ($8 B) in the fiscal year ending March 2024, compared to $6 billion in the previous year. Apple Inc. has achieved a significant milestone in India, with its annual sales reaching a record of nearly $8 billion. This remarkable growth underscores the rapidly expanding market where the tech giant is increasingly focusing its manufacturing efforts and retail presence. Apple's revenue in India surged by approximately 33% in the fiscal year ending March 2024, compared to $6 billion in the previous year. This substantial increase highlights the company's successful penetration of the Indian market, with premium iPhones contributing to over half of the total sales.The growth is not limited to sales alone. Apple has also made significant strides in its manufacturing capabilities within India: Read more: Apple's 'Big AI Plans' Coming Soon Apple's success in India is part of a broader strategy to diversify its manufacturing base away from China. This shift is driven by several factors: The company is actively expanding its supplier network in India, with plans to manufacture more components locally. Recent reports suggest Apple is in talks with Indian companies to produce camera modules for iPhones within the country. As Apple continues to invest in its Indian operations, the market's importance is expected to grow further. The combination of a burgeoning middle class, government incentives like the Production-Linked Incentive (PLI) scheme, and Apple's commitment to local manufacturing positions India as a key player in the company's global strategy. With these developments, Apple is not only tapping into India's vast consumer market but also establishing the country as a crucial hub in its global supply chain, marking a significant shift in its long-term manufacturing and sales strategy.

Apple's annual sales in India set new record, and what makes these numbers important for the company - Times of India

Apple's annual sales in India have reached a record high of nearly $8 billion, reports Bloomberg. This marks a significant 33% increase from the previous year's $6 billion, underscoring India's growing importance to the iPhone maker. The surge in sales, for the year ending March 2024, was largely driven by iPhones, which accounted for more than half of the revenue, according to a person familiar with the matter. India had emerged as the fifth-largest market for India in terms of iPhone shipments, as per a Morgan Stanley survey for the 2023 with 9.2 million shipments, surpassing individual European countries like Germany and France. During the post-earnings call in the quarter of March this year, Tim Cook, Apple's CEO, noted double-digit growth in India, stating, "We were very, very pleased about it. It was a new March quarter revenue record for us." Apple expands in India as it faces trouble in China Apple's $8 billion in Indian sales, while impressive, is just a small part of its $383 billion global revenue last fiscal year. It's also far below the $72.6 billion from China. However, India's growth is crucial for Apple, especially as it faces challenges in China, its biggest market outside the US. Amid the US-China tension, Apple is diversifying its operations by increasing its presence in India. The company now produces about 14% of its iPhones in the country, including the latest iPhone 15 model, with most of these India-made devices being exported. Apple's focus on India extends beyond sales and manufacturing. The company is expanding its retail presence, and it is also focusing on collaborating with more app developers, and strengthening its overall ecosystem. "We're working all of the entire ecosystem from developer to the market to operations, the whole thing," Cook said during the last earnings call. Last year, Cook visited India to open two of the very first Apple Stores in the country - one in Mumbai and the other in Delhi. "We just opened a couple of stores last year, as you know, and we see enormous opportunity there," he said. Apple is looking to further expand its retail footprint in India, scouting new locations for three additional stores, potentially in Pune, Bangalore, and Noida. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.