Apple's India revenue projected to cross $9.5 billion in 2024: Report
Mumbai: After an unprecedented quarterly revenue in April-June period, Apple is anticipated to witness a 20 percent rise, exceeding $9.5 billion in 2024, Moneycontrol reported.
The revenue growth will be fueled not just by the iPhone, but also by other non-handset categories like MacBooks and iPads, which will play a significant role in the increase.
“Apple's expanding market share in India is driven by its premium positioning, brand aspiration, and a strategic focus on increasing retail presence in tier-2 and tier-3 cities. Increased local manufacturing under the 'Make in India' initiative is helping reduce costs. We are expecting over 20 percent growth in revenues in this calendar year as other categories also picked up,” Tarun Pathak, associate director at Counterpoint Research, was quoted as saying by Moneycontrol.
The iPhone maker’s non-smartphone revenue is expected to hit $1.3 billion in 2024, representing a 14 percent year-on-year growth.
Meanwhile, iPhone revenues alone are projected to be approximately $8.2 billion in 2024, according to Counterpoint data accessed by Moneycontrol,
In 2023, Apple reached a milestone of shipping 10 million iPhones in a single year. According to Counterpoint estimates, this figure is expected to grow by 18-20 percent in the 2024 calendar year.
Pathak mentioned that record buying of iPhones on EMI was expected in the festive season.
He indicated that new phones would be launched around September-October, which would drive sales.
Additionally, he noted that Apple would have a wider range of portfolios in India, with even the iPhone 12 remaining relevant. He also stated that the recent price cuts would soon show results.
Apple announced its quarterly results for the fiscal 2024 third quarter, ending June 29. The company posted quarterly revenue of $85.8 billion, up 5 percent year-over-year.
During an investor call, Apple CEO Tim Cook disclosed that the company had set a new revenue record in over two dozen countries, including India.
Cook stated that quarterly revenue records were achieved in countries and regions such as Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand.
Apple CEO Luca Maestri also disclosed that revenue from Mac devices had increased by 2 percent year-over-year. The company saw strong performance in emerging markets, setting June quarter records for Mac in Latin America, India, and South Asia. Maestri attributed the Mac revenue growth to the M3-powered MacBook Air.
Although Apple did not reveal specific sales or shipment figures for the Indian market, market analysts from Counterpoint and CMR reported that Apple’s quarterly shipments faced both sequential and annual declines.
This came on the back of intense competition, reduced seasonal demand, and heatwaves.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
