Report: Apple’s Revenue in India Surges to Over $8 Billion in 2023 Due to High Demand for iPhones
Apple’s revenue in India grew by almost 42 percent last year (compared to the same time of the year) to 8.7 billion dollars, foreign broker Morgan Stanley said in a report published on Friday.
According to the report, iPhone shipments grew by about 39 percent last year to 9.2 million units.
“In FY23, India represented 4 percent of iPhone shipments and revenue, up from 3 percent in FY22 and 1 percent five years ago,” the analysts said in a report.
“If India continues to grow on the same trajectory, with China’s iPhone shipments remaining unchanged, India would be a bigger iPhone market than China by 2027,” it added.
Apple India’s 2023 revenue was first reported by TechCrunch.
Apple registered strong double-digit growth in the December quarter in India, setting another quarterly revenue record in the country, the company’s CEO Tim Cook said earlier this month.
Responding to an analyst’s questions, Cook said the Indian market “hit a revenue record for the quarter.”
India’s smartphone shipments remained unchanged at 152 million units in 2023, but Apple reached the 10 million unit mark in shipments and took the top spot in calendar year revenue for the first time.
In order to further promote mobile phone manufacturing in the country, in January, the government reduced import duties on parts used to manufacture mobile phones to 10 percent from 15 percent. The move will help companies like Apple manufacture more of their high-end premium smartphones in the country.
