Apple exceeded $10 billion in annual sales in India for the first time in its last fiscal year, according to Bloomberg (a subscription is required to read the article).
From the report: Revenue grew at double-digit percentage rate in the 12 months through March from about $9 billion a year earlier, according to a person familiar with the matter, who asked not to be identified as the information is private. Apple’s marquee iPhones accounted for a significant majority of the sales, while demand for iPads and MacBooks also rose, the person said.
Around one in four iPhones are now made in India, but most of them are destined for sale in the US. And the country has proposed extending tax exemptions until 2041 for foreign companies such as Apple that provide machinery to contract manufacturers..
This would be a big win for the tech company. India has been a key market for Apple as it diversifies iPhone manufacturing beyond China. Smartphone production in India rose 28-fold over the last decade to 5.45 trillion rupees (US$57 billion) in 2024/25, according to Counterpoint Research.
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