Apple’s India revenue surged around 13% in the fiscal year from $8 billion a year earlier.
The iPhone maker recently launched its stores in Bengaluru and Pune, making it Apple’s third and fourth retail shop in the country.
The development comes around when India is set to become Apple’s third-largest market by 2026.
Apple’s annual sales in India touched a record of nearly $9 billion in the last financial year, hinting at its rising popularity in the country. The company’s revenue surged around 13% in the fiscal year from $8 billion a year earlier, driven particularly by sales of iPhones and MacBook computers, Bloomberg reported. Apple’s revenue in India has reportedly increased 1.5 times in three years.
To capitalise on this growing popularity, the iPhone maker recently launched its store in Bengaluru and Pune, making it Apple’s third and fourth retail shop in the country. Apple launched its first store, Apple BKC, in Mumbai and Apple Saket in Delhi in 2023.
“There’s nothing we love more in Apple Retail than connecting with customers, and just days after opening a new store in Bengaluru, we couldn’t be more excited to unveil Apple Koregaon Park in Pune,” said senior vice president of Retail, Apple, Deirdre O’Brien, according to the company’s statement on September 4.
These developments have come around a time when India is projected to become Apple’s third-largest market globally by 2026, driven by rising disposable income, particularly of the middle class.
“With increasing disposable income and aspirational purchases among the growing middle class, especially the youth, Apple has become the brand of choice for young consumers. Beyond Tier 2 cities, the iPhone represents more than just a smartphone—it's a lifestyle statement,” research director, Counterpoint, Tarun Pathak, told Moneycontrol.
But Apple isn’t just betting on India as a market but is also ramping up manufacturing endeavour’s in the country, particularly as it is moving its supply chain away from China. Apple presently has five iPhone assembly factories in India, out of which two are operated by Foxconn and the other two by the Tata Group. Till December 2023, total iPhone production in India stood at 14% and is projected to increase to 25% by the end of 2027 or 2028, Mint earlier reported.
