Apple Inc. has crossed $10 billion in annual India sales for the first time, underscoring surging demand for its premium devices in a market where the company is steadily expanding its retail footprint.
Key Highlights
- Apple Inc. India revenue crossed $10 billion for the first time, growing at a double-digit rate year-on-year.
- India now makes one in every four iPhones globally, emerging as the key source of US-bound devices.
Revenue grew at a double-digit percentage rate in the 12 months through March, up from approximately $9 billion a year earlier, according to a person familiar with the matter, who spoke on condition of anonymity as the information is private. iPhones accounted for the significant majority of sales, while demand for iPads and MacBooks also rose during the period, the person said.
India Emerging as a Key Growth Market Outside US and China
The previously unreported figures mark a significant milestone for Apple's efforts to expand into new growth markets. While India still represents only a fraction of Apple's overall global business, the country is increasingly emerging as one of its most important sales regions outside the US and China.
India's significance for Apple Inc. could grow further given the increasingly uneasy geopolitical relationship between the US and China, which remains Apple's largest overseas market. Apple's latest quarterly sales in China stood at $18.8 billion, falling short of the $19.6 billion figure estimated by some analysts.
Rupee Depreciation Weighs on Dollar-Denominated Figures
Recent Apple India sales figures, when converted into US dollars, are somewhat diminished by the rupee's decline. The Indian currency has depreciated by roughly 10% against the US dollar since the start of last year, which has partially offset the underlying growth in local currency terms.
High Taxes Keep iPhones Expensive in India
India's tax structure continues to make iPhones considerably more expensive than in other markets. Apple sells the entry-level iPhone 17 at Rs 82,900 (around $870) in India, compared with a $799 price tag in the US, where the device is also available on lease for as little as $23 a month.
To grow its market share despite the pricing gap, Apple has partnered with banks to offer credit card rebates, alongside student discounts and trade-in programmes for older devices. Apple CEO Tim Cook has repeatedly described India as among the company's fastest-growing markets globally.
Also Read: Apple in Talks With ICICI, HDFC & Axis Bank to Launch Payment Services
India's Growing Role in Apple's Manufacturing Strategy
Beyond sales, India has also become central to Apple's global manufacturing strategy. The country is now home to five factories producing iPhones, with one in every four iPhones worldwide currently manufactured in India. The country has also emerged as the primary source of iPhones bound for the US market.
