Apple is set for a year of double-digit growth in its iPhone sales in 2024 in India on the back of improving financing options and an ongoing premiumisation trend where more customers are opting for pricier premium smartphones, analysts had told Moneycontrol a few weeks ago.
Quoting analysts, ET reported today that Apple India is set to clock over Rs 70,000 crore revenue in the fiscal year ending March, becoming the second electronics brand to achieve this milestone after South Korean rival Samsung. Apple India went past the Rs 66,000 crore sales milestone in February.
India was among Apple’s fastest-growing iPhone markets in 2023, with annual shipments crossing 10 million units for the first time with a 46 percent growth, securing the top revenue position for the year, beating its rival Samsung, Counterpoint Research said in its report on January 31.
The iPhone 14 claimed the top spot as Apple’s flagship model for 2023, followed by the iPhone 13, underscoring Indian consumers’ preference for value. The iPhone 15, Apple’s first flagship product manufactured in the country, came in third, contributing 10 percent to its 2023 shipments, as per Counterpoint data.
Not just the consumer segment, Apple is also bolstering its enterprise play in the country to drive sales of its iPhones, iPads, and Macbooks. “In 2024, I see Apple’s enterprise play, including for SMEs, increasing in India with more and more GenZ population starting professional pursuits,” Kawoosa said.
During the earnings call on January 1, Apple CFO Luca Maestri said that 80 percent of the India-headquartered Zoho’s 15,000-plus global workforce uses iPhone for work, and nearly two-thirds use Mac as their primary computer.
Apple previously won a deal from IT major Wipro to provide MacBook laptops. Wipro is offering these laptops to attract top talent coming out of universities. Apple also has enterprise deals with companies like Tata Consultancy Services (TCS) and Genpact.
A previous Moneycontrol report stated that analysts said Apple’s market share across larger enterprises has also been rising along with mindshare. As per market trackers, Apple cornered around 6 percent laptop market share in India, translating into $400 million in Mac revenue in India.
Last month, Apple CEO Tim Cook said in the Q1 earnings calls, “Emerging markets have been a very key area of strength for us. You know, if you look at it, India grew in revenue terms, strong double digits in the December quarter and hit a quarter revenue record.” He added, “And that theme has been pretty consistent across other quarters of the year as well. And so, emerging markets (are) very, very important. And I feel like we are doing a great job there.”
Cook said Apple achieved revenue records across over two dozen countries and regions, including records in Europe and the rest of Asia Pacific. “We also continue to see strong double-digit growth in many emerging markets, with all-time records in Malaysia, Mexico, the Philippines, Poland, and Turkey, as well as December quarter records in India, Indonesia, Saudi Arabia, and Chile.”
Apple has posted a quarterly revenue of $119.6 billion, up 2 percent on-year with Cook attributing this revenue growth to “iPhone sales, and an all-time revenue record in services”.
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