2023 has been an important year for Apple in India. Not only did it open the first Apple Store in the country along with Apple BKC and Apple Saket, but it was also the year Apple launched the latest iPhone in the country on the same day as Apple in the US. This comes after massive investment in local manufacturing, which has culminated in the Tata Group now taking over Wistron’s manufacturing facility, which will now help an Indian company make iPhones 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 (US$6.8 billion) mark in the country, setting all the revenue records. Are broken.
iPhone is now the sixth best selling smartphone in the country,
Whose market share is still less than 5%, but it is the most profitable part of the market. Apple dominates the ultra premium segment of the market with two-thirds of the market, followed by Samsung and OnePlus.
Its sales in India grew by 48% to Rs 49,321 crore (US$6.7 billion), while net profit increased by 76% to Rs 2,229 crore (US$303 million). According to analysts the sales are due to new generation devices that offer higher profit margins, reduction in component costs has also helped the case due to greater localization of the iPhone supply chain for manufacturing in the country.
Tarun Pathak of Counterpoint Research believes that Apple’s rise in India will continue in the coming years as the premium smartphone category grows in India. He believes this is due to increased efficiency in consumer financing.
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Pathak also believes that Apple’s services business is at its peak right now and will be an area that will further boost its growth in India.
According to Registrar of Companies filings, 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 the number is 30%. It should also be noted that some Apple services like Fitness+ and Apple News are not available in India.
