Apple’s annual sales in India surged by 33%, according to data from India’s Registrar of Companies, reported by Bloomberg on Monday.
Sales for the 12 months ending March 31 reached nearly $8 billion, with iPhones constituting almost half of all sales. This growth in sales indicates that Apple’s strategic shift away from China is proving effective. The company has been expanding in Asian regions such as India, Indonesia, and Vietnam to lessen its dependence on China.
In recent years, Apple has bolstered its connections with India on both the supply and demand fronts. It began producing iPhones in the country in 2017 and opened its first retail store there last year. On the demand side, Apple is targeting India, which has the world’s largest population. Historically, India’s smartphone market has been dominated by Google’s Android, and iPhones currently account for only 3.5% of smartphones used by consumers in the country. The recent surge in Apple’s sales in India coincides with a slump in sales in China.
On the supply side, Apple has been urging its suppliers to manufacture India-made batteries for its smartphones and to shift some production tasks to India. About 14% of its iPhones were produced in India last year. Furthermore, Apple is increasing investments in suppliers in Vietnam, and it may commence iPhone production in Indonesia as well.
Apple shares reached a new high on Monday, at one point hitting $237, propelling the company’s market capitalization to $3.6 trillion. Apple recently became the first company to surpass a market capitalization of $3.5 trillion. The company has witnessed a significant stock rally since revealing its AI strategy at the Worldwide Developer Conference in June.