That factory is run by the Taiwanese firm Foxconn. Production was disrupted last year at Apple's biggest iPhone factory, located in Zhengzhou, China, by a Covid outbreak and worker protests. Supply chain fragilities in the world's second-largest economy were exposed during the Covid pandemic and the strict measures Beijing took to control the outbreak. But Apple is also trying to diversify its assembly of products away from China. Part of the move in India is tied to the government's push to bring high-tech manufacturing to the country. "Apple can cross sell other products such as Macs, Watch, AirPods, iPads and services to the growing iPhone user base maximising the revenue opportunity," Shah said. Apple's strategy over the years has involved getting users locked into its suite of products including the Apple Watch and services like Apple Music. "Apple is now aggressively looking at India from both a production and retail expansion over the coming years that we believe will be a strategic poker move for Cupertino that could ramp annual revenue to $20 billion by 2025 in India," Ives said in a note published Tuesday.īut it's not just about selling iPhones. However, it is an indicator of the demand for iPhones in a country.Īpple made $6 billion in revenue in the year through to March, growing 50%, Bloomberg reported on Monday, citing a person familiar with the matter.ĭan Ives, analyst at Wedbush Securities, said that could rise further over the next two years. Shipments refer to the iPhones Apple sends to retailers but do not equal sales. Shah said India "has the potential to reach that scale" in the coming years. and China, according to Counterpoint Research. and China, analysts said.Īpple shipped about 6.5 million iPhones in India in 2022, compared to around 50 million each year in both the U.S. technology giant to boost revenue and iPhone sales near the levels seen in markets like the U.S. iPhone sales in focusĪpple's India push offers the opportunity for the U.S. India has a growing middle class, a young and "mobile first" population willing to pay more for phones, especially in Mumbai and Delhi, two of the country's wealthiest cities and the location of the new Apple stores. "Apple as usual has got the timing right on 'peaking at the right time' with its flagship store strategy to catalyse this trend in its favour," Shah told CNBC via email. He said this category of smartphones accounts for 35% of total smartphone market revenue. Smartphones priced above $400 now account for 10% of the total volumes of handsets shipped versus 4% before the pandemic, according to Shah. Apple has very little market share in India.īut India is undergoing a "premiumification of market," according to Neil Shah, partner at Counterpoint Research. India's smartphone market, however, has been dominated in recent years by Samsung and Chinese brands such as Xiaomi, with low-to-mid-tier priced devices finding support from customers in a price-sensitive market. Cook traveled to India for the opening of the store, nearly seven years after his first visit as Apple CEO. Personal Loans for 670 Credit Score or LowerĬook has long viewed India as a key market to Apple's future and in February he said he was "bullish" on the world's fifth-largest economy and the company is putting a "significant amount of energy" into the market. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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