Apple's record sales in India: iPhones and other products worth eight billion USD sold; plans to set up stores in Noida-Pune-Bangalore
Apple: According to Morgan Stanley's 2023 survey, India has emerged as the fifth largest market for iPhone exports with 9.2 million shipments, leaving behind Germany, France, and other European countries.
Apple, the giant tech company facing challenges in China, saw total sales in India increase by 33% to a new high of $8 billion (Rs 67,000 crore) in 2023-24. The iPhone accounted for more than half of this sale. In 2022-23, Apple sold $6 billion worth of products in India. However, according to Morgan Stanley's 2023 survey, India has emerged as the fifth largest market for iPhone exports, with 9.2 million shipments, trailing only Germany, France, and other European countries. Apple CEO Tim Cook recently stated that iPhone sales in India are growing at a rate of more than 10%.
Apple currently has retail stores in Delhi and Mumbai in India. Now it is planning to open stores in Noida, Pune, and Bangalore as well. Amid US-China tensions, Apple is diversifying its operations by increasing its presence in India. The company now produces about 14 percent of iPhones in India. This also includes the new iPhone 15 model. Most of this model is being made in India.
