Apple’s expansion in India is starting to show results. The company recorded nearly $9 billion in revenue in the last fiscal year, marking a 13 percent increase from $8 billion the previous year. iPhones remain the main driver of this growth, with MacBooks also seeing higher demand. The numbers highlight India’s growing importance to Apple at a time when global smartphone sales have slowed.
Apple has been growing its retail presence steadily. Two new stores opened this week in Bengaluru and Pune. More outlets are planned in Noida and Mumbai early next year. The openings follow the first flagship stores in Mumbai and New Delhi in 2023, launched by CEO Tim Cook.
The company also leans on discounts and trade-ins to win customers. Student offers, credit card rebates, and exchange programs for older devices have proved effective in a market where high taxes keep iPhone prices well above U.S. levels. Despite that, iPhones now hold about 7 percent of India’s smartphone market, according to Counterpoint Research.
India as a core market
Bloomberg reports Apple’s revenue in India has grown 1.5 times in three years. A source told the outlet the $9 billion figure marks Apple’s strongest year in the country. The growth follows Apple’s 2023 decision to make India its own sales region, reflecting the country’s rising middle class and income growth.
India is also becoming central to Apple’s supply chain. One in five iPhones is now made there. Production has expanded across five factories, including recently opened plants. Bloomberg notes Apple plans to use India as a major hub for U.S.-bound devices, reducing its reliance on China.
Apple did not respond to Bloomberg’s request for comment.
