Indian Economy News

Apple’s India sales hit a new record of US$ 6 billion as the CEO, Mr. Tim Cook begins retail push

  • IBEF
  • April 18, 2023

As the Chief Executive Officer (CEO) of Apple India, Mr. Tim Cook has started to push retail in the country, the sales of Apple India has hit a new high of almost US$ 6 billion in 2023. This highlights the importance of the iPhone maker, Apple in the Indian market.

In 2023, Apple’s revenue in India witnessed a growth of about 50% from US$ 4.1 billion a year ago.

Mr. Tim Cook is expected to open the country's first Apple store this week in an effort to spur growth. Apple has recognised India's growing middle class as an attractive opportunity in a world where tech demand is slowing down. The company launched its online store in India in 2020 and its sales drive is set for a boost as it is set to open its first local store in an upscale business district in the financial hub of Mumbai. Two days later, it plans to open an outlet in the capital, New Delhi.

During the Covid-19 period, the sales of Apple India witnessed an exponential rise as customers bought iPhones and iPads to work and study from home.

In FY22, Apple India posted sales of US$ 4.1 billion and in the last fiscal year, the company tripled its production to more than US$ 7 billion of iPhones.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.