Mint Quick Edit | Apple's sales surge and market opportunity
Apple’s sales in India leapt 33% to nearly $8 billion in 2023-24 over what it recorded the previous year, according to a Bloomberg report on Monday, with iPhones notching up over half that total. While the company’s exports of locally assembled handsets were worth far more at $14 billion last year, the brand’s rising domestic offtake speaks of success on another front: its grand challenge of converting an Android-dominated market for smartphones to its iOS devices.
To that end, it opened two glitzy Apple Stores last year, which seem to have had an impact. Still, Apple accounts for just 3.5% of the 690-million-odd smartphones being used in India, by one estimate, and even with brisk growth, this market is only a 2% sliver of the American company’s global revenue pie.
In contrast with China, though, where Apple’s revenue reportedly stagnated last year at around $72.6 billion, India offers vast scope for expansion. To speed up local adoption of iPhones, perhaps it should try to allay fears of a “walled garden" of pricey apps.
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