Tim Cook, the CEO of Apple Inc., said the iPhone maker’s business in India has increased in the previous year, and the company is confident about the future due to strong demand for its products.
Cook said that in the fiscal year 2021, emerging markets accounted for about a third of their revenue, and their business in India and Vietnam more than doubled.” Cook also stated during the company’s quarterly results call, “We are enthusiastic about the future, especially as we see high demand for our new products.” Apple operates on a fiscal year that runs from October to September.
Apple executives also stated that the business has established quarterly records in every geographic category, with double-digit growth across the board. Apple’s chief financial officer, Luca Maestri said, Every product category and every geographic area achieved a new annual sales record and were up at least 20% over fiscal 2020.
According to a news report from market researcher Counterpoint Technology Market Research, Apple was the fastest-growing smartphone brand in India during the July-September quarter, growing 212 percent year over year, and leading the premium smartphone market (handsets priced above Rs 30,000) with a 44 percent share.
Apple also maintained its 74 percent market dominance in India’s ultra-premium class (handsets priced over Rs 45,000). Apple’s growth was aided by strong demand for the iPhone 12 and iPhone 11. According to Counterpoint, Apple has overtaken Samsung as the top 5G smartphone brand in the premium market for the first time.
However, due to extremely high demand, Cook warned that worldwide supply remains a difficulty for Apple. According to him, Apple had $6 billion in worldwide supply limitations in the September quarter, which impacted the iPhone, iPad, and Mac.
Tim Cook said that one was the chip shortages, which we’ve probably heard about from a variety of companies across the industry. The second was industrial interruptions in Southeast Asia caused by Covid.
The second of them, the Covid interruptions, have significantly improved throughout October, bringing them to where they are now. As a result, they believe the chip shortfall will be the leading driver of supply-chain-related shortages that quarter.
He claims it has an impact on the company when demand is high. “And so, part of this is that the demand also is very strong. But we believe that by the time we finish the quarter that the constraints will be larger than the $6 billion that we experienced in Q4 (September quarter),” Cook added.
The trend is set to continue by Apple:
The 5G smartphone business in India is just getting started. According to CyberMedia Research, 5G smartphone shipments in India might reach 144 million units by 2025, up significantly from 2021.
Apple is now in an excellent position to ride that growth, thanks to an increased portfolio of 5G devices with the debut of the iPhone 13, as well as the rumoured development of a pocket-friendly, 5G-enabled iPhone SE set to launch in early 2022.
Apple has grown its business by 33%, or $91 billion, in the last year, bringing total revenue to approximately $366 billion, with record-breaking success across the board. As a result, don’t be surprised to see the tech giant’s market share in India expand in the future as 5G smartphone use rises, allowing the firm to maintain its outstanding momentum and create more money from this important market.