Apple’s annual sales in India surged by 33%, according to data from India’s Registrar of Companies, Bloomberg reported on Monday.
For the 12 months ending March 31, Apple’s sales amounted to nearly $8 billion, with iPhones accounting for nearly half of these sales. This increase suggests that Apple’s strategic shift away from China is proving successful. The tech giant has been growing its presence in Asian countries like India, Indonesia, and Vietnam to lessen its dependency on China.
In recent years, Apple has bolstered its connections with India both in terms of supply and demand. The company began producing iPhones in India in 2017 and opened its first retail store in the country last year. On the demand side, Apple aims to penetrate the market in India, which has the world’s largest population. Historically dominated by Google’s Android, the Indian smartphone market sees iPhones making up only 3.5% of consumer smartphones. Apple’s sales boost in India comes at a time when its sales in China are declining.
From a supply perspective, Apple has been promoting the use of India-made batteries for its smartphones and relocating some production to India. Approximately 14% of iPhones were manufactured in India last year. Additionally, Apple is increasing its investments in suppliers in Vietnam and may start producing iPhones in Indonesia.
Apple shares hit a new high on Monday, reaching $237, and its market capitalization soared to $3.6 trillion. The company recently became the first to achieve a market capitalization exceeding $3.5 trillion. Apple’s stock has rallied significantly since it revealed its AI strategy at the Worldwide Developer Conference in June.