Apple set to record $3 billion in revenue from India
The surge in revenue is being backed by strong demand for iPhones, which account for the majority of the company’s revenue in India.
Tech giant Apple Inc is all set to create a new record in India in terms of revenue. As per early trends, Apple’s revenue this fiscal ending September is all set to touch $3 billion (Rs 22,200 crore), which is approximately a 60% year-on-year growth. It had registered 29% growth in the previous financial year. Apple follows the October-September financial year.
Strong demand for iPhones
As per their early estimates, Apple’s revenue for the entire year could be $3 billion, said Prabhu Ram, head of Industry Intelligence at CyberMedia Research (CMR), according to a report in The Economic Times.
Navkendar Singh, Director of research at IDC after corroborating the figures said that the year has been a strong one for Apple in India.
As per CMR, the surge in revenue is being backed by strong demand for iPhones which account for the majority of the company’s revenue in India. The demand for iPhone 11, iPhone 12 and variants like XR, SE2020 has been significantly high.
India as next hub of manufacturing, exports
Foxconn and Wistron, the contract manufacturers of Apple, have pledged to produce mobile phones worth Rs 3.6 lakh crore over the next 5 years. This accounts for 60% of the total number of handsets committed by international manufacturers under the government’s Production-Linked Incentive (PLI) scheme.
Market experts are of the opinion that India will emerge as a key manufacturing and export hub for Apple rather than being just a consumer market.
Apple CEO Tim Cook stated that the company’s third-quarter performance in emerging markets like India was incredible.
As per CMR, in the first three quarters through June, Apple India had shipped gadgets worth $2.9 billion. Industry experts said that the actual sales till June could be approximately $2.2 billion.
In the previous year through September 30, Apple’s revenue in India was Rs 13,755.8 crores, which was up 29%. Market dominator Xiaomi raked in Rs 38,196 crore in revenue, while Samsung clocked an income of Rs 78,651 crore. Mobile phones constituted almost 70%o of Samsung’s revenue in India, which roughly stood at Rs 55,000 crore.