India may become Apple's third-biggest market in three years
Apple achieved its eighth consecutive quarterly revenue record in India, with an expected 70% growth to $10 billion in FY24
Sumit Rawat
Analysts predict a 20% surge in Apple's India revenue for FY25, positioning the tech giant to claim third place globally, trailing China and the US.
Apple's CEO, Tim Cook, announced another quarterly revenue record in India, marking two years of consistent growth. Cook emphasized India's strategic importance, highlighting operational investments and expansion initiatives.
India's potential is underscored by projections of over $10 billion in annual revenue for FY24. Sustained growth in shipments, coupled with high device prices, drives Apple's success.
Market analysts foresee Apple outpacing industry growth, potentially exceeding 20% revenue growth in CY24. Navkendar Singh attributes recent iPhone shipment growth to online promotions and financing options.
Apple's exports from India doubled to $12.1 billion in FY24, comprising 73% of total smartphone exports, reflecting the country's rising significance in Apple's global strategy.
While global revenue dipped, Apple's India performance remained robust, signaling India's pivotal role in Apple's future growth amidst challenges in the EU and China.
Offline retail success further bolsters Apple's position, with flagship stores reporting significant revenue in their first year of operation.
