Apple’s annual sales in India soared by 33%, Bloomberg reported on Monday, citing figures from India’s Registrar of Companies.
For the 12 months ending March 31, sales reached nearly $8 billion, with iPhones accounting for almost half of these revenues. This sales surge indicates that Apple’s strategy to reduce its reliance on China is succeeding. The tech giant has been expanding its presence in Asian markets like India, Indonesia, and Vietnam.
In recent years, Apple has deepened its engagement with India, both in terms of supply and demand. The company has been producing iPhones in India since 2017 and opened its first retail store in the country last year. India, with its massive population, represents a significant market opportunity for Apple. Historically, Google’s Android has dominated India’s smartphone market, with iPhones only making up 3.5% of smartphones used by consumers. Apple’s recent sales growth in India coincides with declining sales in China.
On the production front, Apple is pushing suppliers to adopt India-made batteries and shift some manufacturing to India. Last year, approximately 14% of iPhones were produced in India. Apple is also increasing its investments in suppliers from Vietnam and may begin iPhone production in Indonesia as well.
Apple’s shares rose to a new high on Monday, reaching $237 at one point, and its market capitalization surged to $3.6 trillion. Last week, the company became the first to exceed a market value of $3.5 trillion. Apple has enjoyed an impressive stock rally since unveiling its AI strategy at the Worldwide Developer Conference in June.