Report: Apple's revenue in India reached a record $9 billion in the last fiscal year

Retail expansion drives growth, Apple's revenue in India reached a record $9 billion in the last fiscal year.

On Friday, media reports indicated that Apple's annual sales in India set a historic record of nearly $9 billion in the last fiscal year. According to sources cited by the media, Apple's sales in India grew approximately 13% to $8 billion in the 12 months ending in March this year, with the iPhone accounting for the majority of sales.

Apple is increasing its investment in the Indian market, anticipating that the country will become a key market in the coming years. This week, Apple opened two new retail stores in Bangalore and Pune, and plans to open new stores in Noida and Mumbai in the Delhi suburbs next year.

This growth is significant for Apple, which is facing a slowdown in global mobile device sales.

Rapid retail network expansion and strong iPhone demand

Apple is aggressively expanding its retail footprint in India. The newly opened stores in Bangalore and Pune mark a further deepening of Apple's retail presence in India. The company also plans to open new retail stores in Noida and Mumbai in the Delhi suburbs early next year.

In 2023, Apple restructured its international business management framework, establishing India as an independent sales region to fully tap into the potential of this market with growing income and a large middle class. Previously, local procurement requirements had prevented Apple from opening flagship stores in the country for many years. With policy relaxations, Apple launched its online store in India in 2020, and CEO Tim Cook inaugurated the first two stores in Mumbai and New Delhi in 2023.

The iPhone is seen as a status symbol by many consumers in India, currently accounting for about 7% of the local smartphone market. According to Tarun Pathak from Counterpoint Research, demand for MacBook computers has also surged, aside from the iPhone.

High taxes make the iPhone relatively expensive in India—the entry-level iPhone 16 model sold by Apple in India is priced at ₹79,900 ($906.39), while the U.S. price is $799. Apple is addressing the high price issue by offering student discounts, trade-in programs for old devices, and collaborating with banks to provide credit card cashback, which have effectively driven sales growth.

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