Introduction: Tim Cook expresses his delight as Apple experiences unprecedented growth in India during the December quarter, marking the highest revenue in the country’s history. Analysts attribute this success to the significant demand for iPhones in India, coupled with its effective sales strategies and a lots of online and offline discounts.
Apple’s Presence in India:
Apple India holds a pivotal position in its global market strategy. Recognising the strong desire for iphone among Indian consumers, the tech giant has proactively utilised marketing initiatives, offering attractive discounts, EMI options, and additional benefits through credit cards. Company further strengthened its presence by opening of flagship stores in Mumbai and Delhi last year.
Record Revenue Achievement in India:
In the December quarter, Apple India achieved double-digit revenue growth, with iPhone sales being the primary contributor. iPhones have experienced a substantial surge in demand in India, particularly among the younger generation’s . Analysts attribute this growth to the consistent demand for both the latest and older iPhone models. Company shipped over 10 million iPhones in 2023, up from 6 million in 2022, secured the top revenue position for the year, surpassing competitors, like Samsung.
iPhone Sales Percentage in India:
In 2023, iPhones captured a significant 23 percent share of the smartphone revenue market in India, surpassing Samsung, which held a 21 percent share in flagship smartphone market . This marks a notable shift from 2022 when Samsung led with a 22 percent market share. Apple’s focused efforts on the Indian market propelled the brand to surpass the 10-million unit shipment mark and secure the top revenue position for the first time, with iPhones manufactured in India valued at Rs 1 lakh crore, including Rs 65,000 crore for locally produced units.
Tim Cook’s Comments:
Tim Cook emphasised the significance of emerging markets, highlighting India’s robust double-digit revenue growth throughout the year. In a Q1 earnings call, Cook stated, “India grew in revenue terms, strong double digits in the December quarter and hit a quarter revenue record.” He reiterated the importance of its performance in emerging markets, citing all-time records in various countries, including India, Mexico, the Philippines, and Saudi Arabia.
Financial Snapshot:
Apple’s quarterly revenue reached $119.6 billion, a 2 percent year-on-year increase. Cook attributed this growth to strong iPhone sales and an all-time revenue record in services. Company CFO Luca Maestri also revealed the widespread use of Apple products, with 80 percent of Zoho’s global workforce using iPhones for work and nearly two-thirds using Mac as their primary computer.
Read More
