Apple's revenue in India soared nearly 42% year-on-year to $8.7 billion in 2023, as foreign brokerage Morgan Stanley reported.
According to News18, The report also highlights a 39% increase in iPhone shipments to 9.2 million units during the same period. Analysts note that India accounted for 4% of iPhone shipments and revenue in CY23, up from 3% in CY22 and 1% five years ago.
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Apple India's Growth Prediction
The report suggests that if India maintains its growth trajectory while China's iPhone shipments remain stagnant, India could surpass China as the larger iPhone market by 2027.
Apple's CEO, Tim Cook, also agrees with analysts. In 2023, he mentioned a record revenue quarter in India during December, reflecting strong double-digit growth.
Despite India's smartphone shipments remaining flat at 152 million units in 2023, Apple achieved a milestone of 10 million unit shipments and secured the top position in revenue for the first time in a calendar year.
The Indian government decided to reduce import duty on mobile phone manufacturing parts from 15% to 10% in January.
This aims to stimulate mobile manufacturing in the country further, benefiting companies like Apple in producing more high-end premium smartphones locally.
For now, Apple is anticipating a maintained growth in 2024. However, to surpass China, the tech giant pushes its efforts to double what India achieved in 2023 alone.
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