Apple Inc. achieved its 11th consecutive quarterly revenue record in India during the October-December period, with analysts estimating that the gross revenue from iPhone sales reached $10 billion in the country last year. The company has experienced significant growth in India, primarily due to rising demand for the iPhone. Despite its smartphone lineup being priced over three times the average selling price in the Indian market, Apple has seen its sales volume nearly triple since 2021.
During a post-results earnings call, Apple CEO Tim Cook emphasized India’s importance as both a consumption market and an export hub. While Apple does not disclose specific figures for India, Cook expressed enthusiasm for the country, noting that it set a record in the December quarter. He mentioned plans to open four new stores in India and highlighted that the iPhone was the top-selling model in the country for that quarter. Cook pointed out that India is the second-largest smartphone market globally and the third-largest for PCs and tablets, indicating significant growth potential for Apple, which currently holds a modest market share.
According to market researcher Counterpoint India, Apple achieved an 11% market share in India for the December quarter, marking a significant milestone as it entered the top five smartphone brands in the country. A consensus among four analysts estimated that Apple shipped between 12 to 12.5 million iPhones in India in 2024, with an average selling price of around $800 (₹69,000), suggesting that iPhone sales alone could have generated close to $10 billion. Additionally, the MacBook and iPad, two other key revenue sources for Apple in India, are expected to have contributed an additional $2 to $3 billion last year.
Market analysis from Counterpoint India and International Data Corporation (IDC) revealed that iPhone sales in India surged from approximately 2.7 million units in 2020 to nearly 12.5 million units by the end of last year, while the overall smartphone market in India grew only 7% over the same period as consumers became more cautious with discretionary upgrades.
Analysts believe that Apple still has significant growth opportunities in India. Navkendar Singh, associate vice-president at IDC India, noted that while enterprise personal computer sales can be challenging, Apple has the potential to drive growth in this sector. He mentioned that Apple has established a dedicated enterprise sales team in India to promote its Mac lineup to businesses, providing specialized technical support and facilitating trade-ins of older devices for new ones.
