Apple Inc.’s annual sales in India surged to nearly $9 billion in the last fiscal year, highlighting how the company is embedding itself deeper into one of the world’s fastest-growing smartphone markets.
Revenue rose about 13% from $8 billion a year earlier, according to people familiar with the figures. iPhones accounted for most of the sales, while demand for MacBooks also grew.
The growth comes as Apple scales up both retail and manufacturing in India, aiming to reduce reliance on China and to capture a bigger share of a country where smartphones are increasingly a symbol of rising incomes, social mobility, modern lifestyles, and aspirations.
Apple retail presence grows with new stores
Apple’s expansion strategy in India is no longer confined to online sales. The company added two new stores in Bangalore and Pune this week and is preparing to open outlets in Noida and Mumbai early next year.
This builds on its earlier retail push, which started with Apple’s first two stores in Mumbai and New Delhi in 2023, following the easing of local sourcing requirements and regulatory restrictions.
Apple’s international business was reshuffled in 2023 to make India its own sales region, underlining its rising importance to the company.
Premium resellers have also increased across the country, and iPhones have secured around 7% of India’s smartphone market, data from Counterpoint Research shows.
India positioned as a production hub for iPhones
Manufacturing is now a central part of Apple’s India strategy. One in every five iPhones is produced in India, and the company is ramping up operations across five factories, including two recently opened plants.
Chief Executive Tim Cook plans to make India a key source of iPhones bound for the US market, with more assembly lines expected in the coming quarters.
This shift reduces dependence on China, where Apple has faced volatile demand and geopolitical challenges. Revenue from China rose 4.4% in the June quarter, its first increase in two years, but competition from local firms such as Xiaomi remains strong.
Pricing, incentives, and market potential
Despite India’s appeal, Apple’s pricing remains a challenge. The entry-level iPhone 16 is priced at 79,900 rupees, compared with $799 in the US. High taxes make iPhones costly for many Indian consumers.
To address this, Apple has introduced trade-in offers, student discounts, and bank-linked rebates, which have boosted sales and broadened access for middle-class buyers across major metropolitan regions and smaller tier-two cities.
Cook has frequently identified India as one of Apple’s fastest-growing markets.
The company’s decision to expand its retail network, scale up production, and adapt to local pricing pressures shows its ambition to turn India from a small share of overall revenue into a growth driver for the years ahead.
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