BENGALURU: Apple continues to make rapid strides in India amid the subdued global macro-economic sentiment. In a call with investors after the company’s December quarter results announcement, Apple CEO Tim Cook said, “Looking at the business in India, we set a quarterly revenue record and grew very strong double digits year over year, and so we feel very good about how we performed. That’s despite the headwinds that we talked about. ”
Cook said India is a hugely exciting market for Apple and a major focus area. “We brought the online store there in 2020. We will soon bring Apple Retail there. We are putting a lot of emphasis on the market. There’s been a lot going from financing options and trade-ins to make products more affordable and give people more options to buy,” he said.
Apple CFO Luca Maestri said the growth is coming from every major product category and geographic segment, with strong double digit increases in emerging markets such as Brazil, Mexico, India, Indonesia, Thailand and Vietnam.
Commenting on the opportunity in India post-Covid, Cook said, “We actually did fairly well through Covid in India and I’m even more bullish now, hopefully on the other side of it. That’s the reason why we are investing there by bringing retail there, bringing the online store there and putting out a significant amount of energy there. I’m very bullish on India. ”
Tarun Pathak, research director for devices and ecosystems at Counterpoint Research, said Apple has been growing double digits in India for four years and “we think the double-digit growth will continue for the next couple of years as more mid-tier customers upgrade to the premium segment”. He said premium segment (Rs 30,000 or $365) contributed 11% to India’s smartphone shipments and 35% to market revenue in 2022, the highest ever.
Cook said India is a hugely exciting market for Apple and a major focus area. “We brought the online store there in 2020. We will soon bring Apple Retail there. We are putting a lot of emphasis on the market. There’s been a lot going from financing options and trade-ins to make products more affordable and give people more options to buy,” he said.
Apple CFO Luca Maestri said the growth is coming from every major product category and geographic segment, with strong double digit increases in emerging markets such as Brazil, Mexico, India, Indonesia, Thailand and Vietnam.
Commenting on the opportunity in India post-Covid, Cook said, “We actually did fairly well through Covid in India and I’m even more bullish now, hopefully on the other side of it. That’s the reason why we are investing there by bringing retail there, bringing the online store there and putting out a significant amount of energy there. I’m very bullish on India. ”
Tarun Pathak, research director for devices and ecosystems at Counterpoint Research, said Apple has been growing double digits in India for four years and “we think the double-digit growth will continue for the next couple of years as more mid-tier customers upgrade to the premium segment”. He said premium segment (Rs 30,000 or $365) contributed 11% to India’s smartphone shipments and 35% to market revenue in 2022, the highest ever.
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