India could be Apple’s third largest market in 3 years
Mint reported that increasing enterprise clients could boost Apple to register over $10 billion in annual revenue in India for FY24—which could also be the first full fiscal where Apple tops the smartphone market’s revenue chart. This revenue growth, if realized, has likely been fuelled by a sustained growth in shipments for Apple, while maintaining the highest average selling price (ASP) per device of $1,000 ( ₹80,000) in the India market.
“We believe that Apple will continue to grow faster than the market, and might grow over 20% in revenue in CY24. India will be one of its biggest markets—and is likely to even become their third largest by geography in the next three years," said Tarun Pathak, research director at market research firm, Counterpoint India.
Navkendar Singh, associate vice-president at market researcher International Data Corp. (IDC) India, said that Apple has had “a record March quarter for iPhones, with a shipment volume growth of nearly 20% year-on-year." Singh attributed this growth to “discounts and special deals on online commerce platforms, as well as financing options beyond the festive season." Even as retail growth continues, a further key driver is its exports.
Last month, a report by trade intelligence platform Trade Vision said that Apple’s exports of smartphones from India in FY24 doubled to $12.1 billion—accounting for over 73% of India’s total smartphone exports of $16.5 billion.Cook acknowledged this growth, underscoring India’s rising importance for the company. Interestingly, Apple was a bit-part player at best in India until recently, with under 2% market share five years ago.
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