Apple’s annual sales in India soared by 33%, as reported by Bloomberg on Monday, citing data from India’s Registrar of Companies.
For the 12 months ending March 31, Apple’s sales reached nearly $8 billion, with iPhones accounting for almost half of the total. This sales increase indicates the success of Apple’s strategic pivot away from China. The company has been expanding its presence in Asian countries, including India, Indonesia, and Vietnam, to reduce its dependence on China.
In recent years, Apple has strengthened its business ties with India, both in terms of supply and demand. The company has been manufacturing iPhones in India since 2017 and opened its first retail store there last year. On the demand side, Apple aims to tap into India, the world’s most populous country. Despite the market being historically dominated by Google’s Android, iPhones currently represent only 3.5% of the smartphones used by consumers in India. Apple’s recent sales surge in India coincides with a slump in sales in China.
On the supply side, Apple has been motivating suppliers to shift towards India-made batteries for its smartphones and to relocate some production to India. Last year, 14% of its iPhones were manufactured in India. Apple is also increasing its investments in suppliers in Vietnam and may begin iPhone production in Indonesia in the future.
On Monday, Apple shares surged to a new high, reaching $237 at one point, and its market cap soared to $3.6 trillion. The company recently became the first to surpass a market capitalization of more than $3.5 trillion. Apple’s stock has been on a significant rally since the company unveiled its AI strategy at the Worldwide Developer Conference in June.