Apple India sales hit record $9 billion in FY2024 on retail expansion
Apple's annual sales in India hit a record $9 billion in FY2024, rising 13% from last year. Strong demand for iPhones and MacBooks, along with new retail stores, fueled the growth.
Apple Inc. has recorded its highest annual sales in India, reaching an all-time high of almost $9 billion during the previous fiscal year. This number represents a 13 percent increase compared to the previous year, when the company reported an 8 billion level of demand for iPhones and MacBooks among the Indian consumers. The boom is triggered by the fact that Apple is expanding its retail presence in the country by adding additional flagship stores and high-end shops reported by Bloomberg.
The Cupertino-based tech giant has shifted its focus to India because smartphone sales are declining around the world. Although the country continues to represent a low proportion of the total business of Apple, increasing incomes and a rapidly expanding middle class are generating demand. India is a major growth market for the company, especially because it is competing and has difficulty in controlling the strict regulations in China.
Expanding retail network in cities
Recently, Apple has already opened two stores in Bangalore and Pune; it is planning to open stores in Noida and Mumbai within the next few months. In 2023, the company made India a separate sales region, which indicates that it is working on the long-term plan to exploit the Indian market. Despite the high prices of its devices, iPhones have a share of approximately 7% in the Indian smartphone market.
Overcoming price barriers
iPhones are still very costly in India because of high taxes, with the cheapest model being the iPhone 16, which costs Rs 79,900 ($906). In response, Apple is providing student discounts, trade-in offers and credit card rebates with banks. The rewards have contributed to driving sales to greater heights and enhancing the premium image of the Apple brand among people.
Apple is also focused on India in terms of production. A fifth of all iPhones are now being constructed in the country, and there are five plants in operation. Apple has a goal of increasing this base even more since it will not be depending on China to assemble the device. The expansion of the manufacturing presence not only facilitates local sourcing requirements but also enhances the supply chain resilience of Apple.