Apple crosses $10 billion in annual India sales for 1st time. Key things to know

Although India still contributes only a small share of Apple's global business, it is emerging as one of the company's most important growth markets outside the US and China.

In Short

• Apple's India sales crossed $10 billion in FY 2023-24
• iPhones lead sales, iPads and MacBooks also see growth
• India is a key growth market after US and China

Apple has crossed a major milestone in India. The iPhone maker recorded more than $10 billion in annual sales in the country for the first time during the last financial year, highlighting India's growing importance in the company's global business, according to a Bloomberg report.

Here's what you need to know about Apple's latest sales milestone in India.

SALES CROSS THE $10 BILLION MARK

Apple's revenue in India grew at a double-digit rate in the 12 months ended March, crossing the $10 billion mark for the first time. This is up from around $9 billion in the previous financial year, according to a person familiar with the matter.

The report said iPhones accounted for most of the company's sales, while demand for iPads and MacBooks also increased.

INDIA IS BECOMING A KEY GROWTH MARKET

Although India still contributes only a small share of Apple's global business, it is emerging as one of the company's most important growth markets outside the US and China.

Growing demand for premium smartphones and other Apple products has helped the company strengthen its position in the country.

APPLE IS EXPANDING ITS RETAIL PRESENCE

Apple has been steadily increasing its retail footprint in India.

As part of its expansion plans, the company opened a new store in Mumbai in February, taking the total number of its official retail stores in the country to six.

PREMIUM PRICING REMAINS A CHALLENGE

Apple products continue to cost more in India because of higher taxes. For instance, the entry-level iPhone 17 is priced at Rs 82,900 in India, compared with $799 in the US.

To attract more buyers, Apple has tied up with banks to offer credit card discounts. It also provides student discounts and exchange offers on older devices.

INDIA IS PLAYING A BIGGER ROLE IN MANUFACTURING

India has also become an important manufacturing base for Apple. The company now has five factories producing iPhones in the country.

According to the report, one in every four iPhones is now made in India, with the country serving as a major production hub for devices exported to the US.

- Ends