Apple sees India as extraordinary market, lot of people moving into the middle class: CEO Tim Cook
A recent report by Counterpoint corroborated that Apple witnessed highest ever smartphone shipments in India in June-September quarter in 2023 as opposed to flat YoY growth for the market
SUMMARY
- Apple achieves an all-time revenue record in India
- Apple grew very strong double digits in India
- Apple launched its first Apple Retail Stores in India earlier this year
- As per Counterpoint corroborated report Apple witnessed highest ever smartphone shipments in India in June-September quarter in 2023.
Apple Inc. CEO Tim Cook singled out India as an incredibly exciting market for the company. Apple has recorded an all-time revenue record in India during the June-September quarter. Growing very strong double digits, India has emerged as a major focus for Apple.
“We had an all-time revenue record in India, we grew very strong double digits. It’s an incredibly exciting market for us and a major focus of ours. We have low share in a large market and so it would seem that there’s a lot of headroom there… We see an extraordinary market—a lot of people moving into the middle class,” said Apple CEO Tim Cook said during the earnings call this morning.
The year has been an exciting one for Apple in India. In April this year, Cupertino giant launched its first Apple Retail Store in the country – in Mumbai, followed by one in Delhi. After a long gap of six years, Tim Cook flew to India for the opening of both the stores, which witnessed many Apple fans lining up outside the stores hours before the opening. Cook adds, “Lots of positives, we put two retail stores there and they are doing better than we anticipated—it’s still early going but they are off to a good start and I couldn’t be happier with how things are going at the moment.” Cook also met Prime Minister Narendra Modi during his recent visit to India in April this year.
A recent report by Counterpoint corroborated that Apple witnessed highest ever smartphone shipments in India in June-September quarter in 2023 as opposed to flat YoY growth for the market. “Experiencing a high-growth phase in India, Apple recorded 34% YoY growth. Q3 2023 also marked the best quarter for Apple’s shipments in the country, which crossed 2.5 million units,” says Counterpoint’s Research Analyst Shubham Singh.
India’s smartphone market, which has been declining for almost a year, is finally showing signs of recovery with a gradual pick-up on the back of festive season. Interestingly, the trend of ultra-premiumization (>Ra 45,000, ~$540) is steadily gaining momentum with each passing quarter. In June-September quarter of 2023, the segment grew 44% YoY driven by the availability of easy financing options, implementation of various incentive programs in the market, and growing consumer aspirations for the latest technology.
Also, the recently launched iPhone 15 Pro Max has been in great demand in the country since its global debut in September this year. For the first time, Apple has also commenced the manufacturing of latest iPhone model in India (iPhone 15 and iPhone 15 Pro) ahead of the global launch.
While Apple hasn’t revealed India specific numbers for this quarter, the company’s regulatory filings with the Registrar of Companies (RoC) for the year 2022-23 states Apple’s India business touching a record milestone of Rs 50,000-crore revenue. The company’s sales grew by 48% to Rs 49,321. Apple India’s net profit surged by 76% to Rs 2,229 crore. And while iPhones are driving sales for Apple globally, as well as in India, revenue from other products and services is also on a constant rise.
With Thanks Reference to: https://www.businesstoday.in/technology/news/story/apple-sees-india-as-extraordinary-market-lot-of-people-moving-into-the-middle-class-ceo-tim-cook-404388-2023-11-03
