Apple, which is celebrating another prosperous quarter in India, has once again shown its love for the Indian market. The firm acknowledged attaining high double-digit growth in India, creating a new revenue record for the March quarter, despite a 4% year-over-year fall in Q12024 revenue.
During his visit to India in April 2023 to open the company’s first Apple Store, Tim Cook, the CEO of Apple, emphasized the significance of India by saying, “We did grow strong double-digit (in India).” We were therefore quite happy with it. We set a new revenue record for the March quarter.”
India has emerged as one of the key markets for Apple alongside regions like Latin America, the Middle East, Canada, Spain, and Turkey. Cook reiterated India’s significance, labeling it “an incredibly exciting market and it’s a major focus for us.”
Apple’s sustained success in India can be attributed to strategic investments, including diversified distribution, attractive finance schemes, and aggressive marketing efforts, particularly across e-commerce channels. Neil Shah, Counterpoint Research’s Partner & Research VP, emphasized Apple’s ability to lower entry barriers for aspirational users through these initiatives.
As the Indian market evolves towards premiumization, the latest iPhone models are witnessing remarkable success, with the iPhone 15 series leading growth followed by the iPhone 14 series. This success has contributed significantly to the premium segment and overall market share.
Acknowledging India’s pivotal role in Apple’s growth trajectory, Prabhu Ram, Head of Industry Intelligence Group (IIG) at CyberMedia Research (CMR), highlighted the country as a crucial growth market for the brand, especially amid challenges in the EU and China.
Beyond iPhones, Apple is expanding its operations in India, including retail expansion and initiatives to bolster the developer ecosystem. Cook emphasized the company’s commitment to the entire ecosystem, from developers to operations, citing significant opportunities in the country.
Furthermore, Apple has ramped up manufacturing in India, aligning with its sustainability initiatives. Cook mentioned efforts to replenish 100 percent of the water used in areas of need, demonstrating the company’s long-term commitment to India’s development and environmental sustainability.