India is fast turning out to be the sweet spot for American electronics giant Apple, something its global CEO Tim Cook has repeatedly acknowledged. He again reiterated its importance during the company’s annual results conference as he talked about doubling of revenues on strong sales. The India showing came even as Apple’s revenues in China, one of its biggest markets, saw a minor dip, after many quarters of strong growth.
Apple, which has been making iPhones in India through its top contract manufacturers – Foxconn, Wistron, Pegatron – has been on an overdrive, not only going for aggressive launches, but also broadening its retail presence through self-run online stores and retail partners such as Unicorn and Aptronix.
Apple is estimated to have sold 5.4 million devices in India in 2021, with a market share of 3.2%, which is considered as handsome considering its devices are priced at a premium. “And in the quarter ending June this year, we estimate that the company sold as many as 1.2 million iPhones. The premium segment continues to be strong and immune to inflationary tendencies, and Apple is one of the preferred choice for buyers.”Prabhu Ram, Head- Industry Intelligence Group, CyberMedia Research
Source: Times of India