What you need to know
- Apple might have had a bumper year in India.
- A new report estimates that the company may have made $3 billion in revenue in FY21.
- That would be a 60% increase on last year.
A new report says that Apple might have made $3 billion in revenue in India this year, thanks to strong demand for devices like the iPhone 12 and the opening of its online.
Figures from CMR reported by The Economic Times state Apple could report $3 billion in revenue, from the report:
"CMR's early estimates point to Apple's revenue for the entire year to be $3 billion in India," Prabhu Ram, head - industry intelligence at CyberMedia Research (CMR) told ET. Corroborating the figures, Navkendar Singh, research director at market research firm IDC said, the year had been strong for Apple in India.
The report notes that strong demand for Apple's iPhone 12, currently the best iPhone the company has to offer, and other models have driven record revenue. iPhone sales make up the majority of Apple's revenue in the country. The $3 billion figure could represent 60% growth year-on-year, outstripping the smartphone market in India as a whole which grew by 29%. Despite this mammoth growth India only represents about 1% of Apple's global revenue, and the company has less than a 5% share of the smartphone market in the country.
Apple's India success has no doubt been buoyed in part by the opening of its online store in the country just shy of one year ago. Apple does have plans to establish a physical retail presence in the country, however the plans have hit multiple setbacks, in-part because of COVID-19. The new store is set to uccopy three floors of the Maker Maxity Mall in Mumbai, and has been talked on the cards for some time now.
