Apple's India Sales Figure Hits Record As It Nears Expanding Presence In Country With Retail Stores

Apple Inc’s (NASDAQ: AAPL) revenue in India grew by nearly 50% to ~$6 billion in the year through March.
India’s sales figures highlight the importance of the market for the iPhone maker as CEO Tim Cook arrives in the country to open its first local stores, Bloomberg reports.
Apple’s India revenue accounted for less than 2% of its global revenue during FY22.
With the global slowdown in tech demand, Apple has identified India’s expanding middle class as an attractive opportunity, and it’s also adding local production at an increasing rate.
The pandemic played a crucial role in the growing adoption of Apple devices.
Cook seeks to accelerate growth in a country of 1.4 billion, where the company’s smartphones and computers have never held more than a minuscule market share due to their premium products.
Apple iPhone has a low penetration in India, just about 4% of the country’s nearly 700 million smartphone users. Cheaper local brands and Chinese and South Korean manufacturers dominate the Indian smartphone market.
But Apple topped in unit sales of devices above $365 in 2022, according to Counterpoint.
Apple launched its online store in India in 2020 and will inaugurate its first local store Tuesday in an upscale business district in the financial hub of Mumbai. Two days later, it plans to open an outlet in the capital, New Delhi.
Apple’s stores are key retail and showcase points, often becoming tourist hotspots.
Critically, the new India stores will double as support centers, a potential selling point enabling hassle-free product returns and repairs.
Apple tripled its production to over $7 billion iPhones in India in FY22 to reduce its reliance on China.
Apple remains focused on its India push despite high import duties for everything from components to finished products and sudden shifts in rules and regulations that could drive up product prices.
Price Action: AAPL shares traded higher by 0.24% at $165.61 premarket on the last check Monday.
Apple store USA photo via Wikimedia Commons

Don’t miss real-time alerts on your stocks – join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article Apple’s India Sales Figure Hits Record As It Nears Expanding Presence In Country With Retail Stores originally appeared on Benzinga.com

Source: https://finance.yahoo.com/news/apples-india-sales-figure-hits-122619670.html