Tech giant Apple has achieved a remarkable milestone, setting a new revenue record in India during the June quarter. This success can be attributed to the robust sales of iPhones, and CEO Tim Cook expressed his satisfaction with the company’s growth in the world’s second-largest smartphone market.
Recognizing the enormous potential that lies ahead in India, Apple’s top executives have pledged to focus on tapping into this opportunity. Despite being a dominant player globally, Apple’s share in the Indian smartphone market is still relatively modest. However, the company remains optimistic about the future and aims to capitalize on the expanding middle class and growing smartphone market in India.
During the latest earnings call, India featured prominently, with Apple highlighting the impressive performance of its newly-launched stores in the country. Cook shared that the two retail outlets, situated in Mumbai and Delhi, are already surpassing expectations.
Apple’s ambitions extend beyond retail expansion; the company is looking to emulate the success it had in China over the last 15 years. With India’s vast market and a burgeoning middle class, the tech giant sees an excellent opportunity for sustained sales growth. Additionally, Apple aims to diversify its supply chains away from China and has already begun manufacturing 5{66b0acea7e44836f9b35d2e1dfd840ac263b1a1482ef1ea42798163685e86d37} of total iPhones in India.
During Cook’s visit to India, he met with Prime Minister Narendra Modi and other key officials to reiterate Apple’s commitment to investing in the country. India, on its part, is actively encouraging global companies to invest in electronics manufacturing and semiconductor production, offering a skilled workforce and favorable policies to attract foreign investments and redefine its position in the global supply chains.
As Apple continues to make strides in India, the company’s expansion efforts and focus on this promising market could potentially lead to the country becoming a significant hub for Apple’s production and growth in the future.