A surge in iPhone manufacturing and domestic sales of Macs, iPads, Apple Watches, and AirPods has lifted the value of Apple’s India operations other than over US$23.5 billion in fiscal year 2024, reports the Economic Times.
India officials told ET that Apple has “likely” exhibited the fastest growth in production and export by any company in India in the last 50 years. The tech giant is is the largest global value chain (GVC) in the country.
GVC refers to the full range of activities that economic actors engage in to bring a product to market The global value chain not only involve productions processes, but also preproduction (such as design) and postproduction processes (such as marketing and distribution).
According to Counterpoint data accessed by Moneycontrol, Apple’s revenue in India is expected to cross US$9.5 billion this year.
Non-smartphone revenue is projected to reach $1.3 billion in 2024, reflecting a 14% year-on-year growth. iPhone revenues alone will be around $8.2 billion in the 2024 calendar year.
“Apple’s expanding market share in India is driven by its premium positioning, brand aspiration, and a strategic focus on increasing retail presence in tier-2 and tier-3 cities. Increased local manufacturing under the ‘Make in India’ initiative is helping reduce costs. We are expecting over 20 percent growth in revenues in this calendar year as other categories also picked up,” Tarun Pathak, associate director at Counterpoint Research, told Moneycontrol.
Last month Bloomberg reported that Apple’s annual sales in India hit a record of almost US$8 billion, underscoring a rapidly growing market where the iPhone maker now assembles more of its devices and operates two flagship stores. The India revenue jumped about 33% in the 12 months through March from $6 billion a year earlier, the article adds, quoting an unnamed “person familiar with the matter.”
The iPhone accounted for more than half of the sales. According to Bloomberg, Apple led India’s premium smartphone segment. The tech giant saw a 33% increase in India for the financial year ending March 2024. This is the second consecutive year Apple India has posted record revenues.
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