Apple’s annual sales in India rose by 33%, according to data from India’s Registrar of Companies, Bloomberg reported on Monday.
Sales for the 12 months ending March 31 reached nearly $8 billion, with iPhones accounting for almost half of the total. This increase in sales signifies that Apple’s shift away from dependence on China is proving successful. The company has been expanding its presence in Asian countries such as India, Indonesia, and Vietnam to decrease its reliance on China.
In recent years, Apple has strengthened its relationship with India on both the supply and demand sides of its business. It has been producing iPhones in India since 2017 and opened its first retail store in the country last year. On the demand side, Apple has aimed to penetrate the Indian market, which has the world’s largest population. Historically, India’s smartphone market has been dominated by Google’s Android devices, and iPhones represent only 3.5% of smartphones in use there. The recent surge in Apple’s sales in India coincides with a decline in sales in China.
On the supply side, Apple has been urging suppliers to shift towards India-made batteries for its smartphones and relocate some production to India. Last year, about 14% of its iPhones were manufactured in India. Additionally, Apple is increasing investments in suppliers in Vietnam and may begin producing iPhones in Indonesia as well.
Apple shares reached another record high on Monday, at one point hitting $237, with its market cap soaring to $3.6 trillion. Last week, Apple became the first company to surpass a market capitalization of more than $3.5 trillion. The stock rally follows the unveiling of its AI strategy at the Worldwide Developer Conference in June.