Apple’s yearly sales in India rose by 33%, as reported by Bloomberg on Monday, based on data from India’s Registrar of Companies.
Sales for the fiscal year ending March 31 reached nearly $8 billion, with iPhones accounting for almost half of that total. This sales growth suggests that Apple’s strategy to shift focus from China is paying off. The tech giant has been expanding its presence in Asian countries like India, Indonesia, and Vietnam to reduce its dependency on China.
In recent years, Apple has bolstered its connections with India for both supply and demand. The company began producing iPhones in the country in 2017 and opened its first retail store there last year. On the demand side, Apple aims to tap into India’s vast market, which has the world’s largest population. Although Google’s Android dominates India’s smartphone market, with iPhones representing only 3.5% of consumer smartphones, Apple’s recent sales growth in India coincides with a decline in sales in China.
On the supply side, Apple has been pushing its suppliers to shift towards India-made batteries for its smartphones and relocate some production to India. Last year, approximately 14% of its iPhones were manufactured in India. Apple is also increasing investments in suppliers in Vietnam and may start producing iPhones in Indonesia as well.
Apple shares soared to a new high on Monday, peaking at $237, and its market capitalization climbed to $3.6 trillion. Last week, Apple became the first company to surpass a market cap of more than $3.5 trillion. The company has seen a significant stock surge since announcing its AI strategy at the Worldwide Developer Conference in June.