Apple India's annual revenue revealed, it still depends on it

iPhone 15 Pro on display at Apple’s Mumbai store

Technology News Beijing time on July 15, according to Bloomberg, Apple’s annual revenue in India reached nearly US$8 billion, setting a record, highlighting the rapid growth of the Indian market . Apple currently assembles more phones in India and operates two flagship stores.

Informed sources said that in the 12 months ended March 24 this year, Apple’s revenue in India was close to US$8 billion, an increase of approximately 33% from US$6 billion in the same period last year. Apple's pricey iPhone accounts for more than half of its revenue.

This revenue growth shows that Apple is making steady progress in its efforts to win over users in India, a populous country. With the development of the economy, the purchasing power of Indian consumers is gradually increasing. Meanwhile, Apple is investing in India to diversify its product manufacturing and revenue. Apple does not break out its Indian revenue separately in its financial report, but according to regulations, it must report its annual revenue in India to the local government.

Apple India hits record annual revenue

1. Data from market research firm Counterpoint Research shows that the Indian market is dominated by cheaper Chinese Android phones.

2. Of the approximately 690 million smartphones in India, the iPhone accounts for only about 3.5%. Although India is one of Apple's fastest-growing markets, it accounted for only about 2% of Apple's $383 billion in revenue in its most recent fiscal year.

3. Apple CEO Tim Cook is trying to change that. He visited India last year and opened the first two Apple stores in the country, selling iPhones, iPads, MacBook computers and other devices and accessories.

4. Apple has also been rapidly expanding its manufacturing operations in India. The company currently manufactures models including the latest iPhone 15 in India, but not the higher-spec Pro and Pro Max models. Most of the devices Apple assembles in India are exported.

5. Apple’s India assembly partners doubled iPhone production in the country to $14 billion last fiscal year. This means Apple currently manufactures 14% of its iPhones in India, or roughly one in every seven units.

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