Apple Inc.'s sales recorded a new high as it reached $8 billion in FY24. It shows an expanding Apple market and an increasing popularity of its products in India
Apple Inc.'s sales in India increased 33 per cent to nearly $8 billion for the financial year 2024. The increased sales is a result of Apple's effort to expand its market and growing popularity in India. According to a report in Bloomberg, iPhones accounted for 50 per cent of the sales.
In the past few years, iPhone maker's expansion has been in both manufacturing and retail sector. Majority of work undertaken in India includes assembling. In FY24 iPhones worth $14 billion were assembled in the country, as per media reports.
Apple's CEO Tim Cook said, "I see it as an incredibly exciting market and it's major focus for us," about expanding market for his company's product in India during Apple's earnings call in May.
A major part of Apple Inc.'s manufacturing in India takes place at the Sriperumbudur plant based in Tamil Nadu. Reportedly, In the next three years, it aims to offer employment to nearly 500,000 Indians as it plans to decrease 50 per cent of its supply chain from China.
Both Apple and Samsung are in the race to lead India's smartphone revenue, marking a 14 per cent increase compared to the previous year.
In 2023, Tim Cook visited India to inaugurate Apple's first two retail stores in the country. One was opened in Delhi and the other in Mumbai that sell iPhones, iPads, MacBook and other devices. 2023 was also the year which marked 25 years of Apple's presence in Indian market. Following his week long trip to India, Tim Cook wrote on X, "What an incredible week in India! Thanks to our teams across the country. I can't wait to return."