Apple’s annual sales in India surged by 33%, Bloomberg reported on Monday, citing data from India’s Registrar of Companies.
For the 12 months ending on March 31, Apple’s sales in India reached nearly $8 billion, with iPhones accounting for almost half of the total sales. This significant increase indicates that Apple’s strategic shift away from China is succeeding. The tech giant has been focusing on expanding its presence in Asian markets like India, Indonesia, and Vietnam to reduce its dependency on China.
In recent years, Apple has enhanced its engagement with India on both supply and demand fronts. Since 2017, it has been manufacturing iPhones in India and opened its first retail store in the country last year. On the demand side, Apple is targeting India’s massive population. Although India’s smartphone market is mainly dominated by Google’s Android, iPhones currently make up only 3.5% of smartphones in use there. The recent sales surge in India comes in the wake of declining sales in China.
On the supply side, Apple has been urging suppliers to shift to India-made batteries for its smartphones and relocate some production to India. Last year, around 14% of its iPhones were made in India. Furthermore, Apple is increasing its investment in suppliers in Vietnam and considering starting iPhone production in Indonesia.
On Monday, Apple shares reached a new high, at one point hitting $237, and its market capitalization soared to $3.6 trillion. The company recently became the first to surpass a market cap of more than $3.5 trillion. Apple’s stock has experienced a significant rally since it presented its AI strategy at the Worldwide Developer Conference in June.