During Apple's earnings call yesterday, Chief Financial Officer Luca Maestri announced that the manufacturer's sales in India rose by 76 percent, with revenue increasing by 38 percent. Tim Cook also chimed in, stating that the demographic in India — with the median age at 27 — is ideal for growth:
India is incredibly exciting. It is one of the fastest growing economies, and is also the third largest smartphone market in the world, after China and US. In India, the median age for the population is 27, in China that's nearly 36 years. I see the demographics there being incredibly great for a consumer brand, and for people that really want the best product. We have been putting increasingly more energy in India.
While India's smartphone market is seeing a meteoric growth, nearly 70 percent of phones sell for under $150. That said, Apple products are highly coveted by buyers in the country, and its latest price cuts boosted sales of last-gen models, bringing overall sales to 800,000 units for the fourth quarter of 2015.
The manufacturer is now looking to launch its own retail stores in the country, and start selling products directly online to consumers. With two-thirds of Apple's revenue now coming from emerging markets, the manufacturer is targeting countries like India for future growth.