Apple’s revenue in India reached almost $6 billion in the year through March, up nearly 50% from the previous year. The iPhone maker is targeting India’s expanding middle class as a growth opportunity, with CEO, Tim Cook, opening the company’s first two local stores this week.
According to Bloomberg, Apple’s sales in India are typically driven by iPhones and wearable devices, but over the past two years, its MacBook enterprise business has also gained momentum. However, Apple’s base in India is small, with just 4% of India’s 700 million smartphone users owning iPhones. Apple is expanding its local manufacturing footprint and has tripled its production to over $7 billion of iPhones in India last fiscal year.
The US government has been doing its bit recently to court India: US commerce secretary, Gina Raimondo, who met with India’s prime minister, Narendra Modi, in New Delhi last month, called Modi an “unbelievable visionary” and expressed a desire for the US and India to lead the world together in this technology ecosystem. Raimondo has also reconvened the India-US CEO Forum to discuss issues such as technology, artificial intelligence, supply chains, and decarbonization.
