Apple is set to experience growth in iPhone sales in India throughout 2024 driven by improved financing options and a growing preference for premium products as indicated by insights from analysts shared on Moneycontrol.
More About Apple Sales Milestone
As per a report from ET Apple India is expected to surpass ₹70,000 crore in revenue for the year ending in March making it the second electronics brand to achieve this milestone after its South Korean rival Samsung. Apple India had already crossed the ₹66,000 crore sales mark in February.
In 2023, India emerged as one of the growing markets for iPhones for Apple with shipments exceeding 10 million units for the first time representing a growth of 46 percent. This growth solidified India’s position as the revenue contributor for Apple during that year overtaking Samsung according to a Counterpoint Research report released on January 31.
The iPhone 14 took the lead as the company’s flagship model in 2023 followed by the iPhone 13. Showcasing consumer’s preferences for value. Noteworthy is that the iPhone 15, the company’s first flagship product manufactured in India ranked third and accounted for 10 percent of its shipments in 2023 according to Counterpoint data.
The tech giant is not just targeting customers; the company is also working to enhance its business presence, in India to boost sales of iPhone, iPad, and MacBook. Navkendar Singh, a research director at IDC India predicts that Apple’s business sector in India, which includes medium businesses (SMEs) will grow by 2024 as more young professionals, from Generation Z enter the workforce.
During the earnings call on January 1, Apple CFO Luca Maestri highlighted that 80 percent of Zoho’s 15,000-plus global workforce based in India uses iPhone for work, with nearly two-thirds using Mac as their primary computer. The tech giant has previously secured contracts with IT giants like Wipro to provide MacBook laptops, leveraging these laptops to attract top talent from universities. Additionally, Apple has enterprise agreements with firms like Tata Consultancy Services (TCS) and Genpact.
In last month’s Q1 earnings call, Tim Cook emphasized the importance of emerging markets, highlighting strong double-digit revenue growth in India. Cook attributed revenue growth to robust iPhone sales and record-breaking revenue in services. The tech giant reported quarterly revenue of $119.6 billion, a 2 percent increase year-over-year, with Cook noting that this growth was driven by iPhone sales and record-breaking revenue in services.
