Apple Inc has witnessed a significant surge in its annual sales in Bharat, reaching nearly $8 billion, highlighting the growing market where the tech giant now manufactures more devices and operates two flagship stores.
According to Bloomberg, revenue in Bharat saw an impressive 33 per cent increase over the 12 months ending in March, rising from $6 billion the previous year. A key factor behind this growth has been the high-priced iPhones, which accounted for over half of the sales.
This growth highlights Apple’s consistent efforts to capture the expanding consumer base in the world’s most populous country, where rising purchasing power parallels economic growth.
Bharat has emerged as a critical market for Apple, especially as the company seeks to diversify its manufacturing and revenue streams beyond China. The Chinese market has become increasingly volatile due to ongoing trade tensions with the US.
While Apple does not publicly disclose Bharat-specific revenue figures in its financial reports, the company must report annual sales figures to local authorities.
The Indian market is primarily dominated by more affordable Chinese devices running on Google’s Android operating system. Currently, iPhones represent about 3.5 per cent of the country’s nearly 690 million smartphones, as per Counterpoint Research.
Although Bharat is one of Apple’s fastest-growing markets, it only contributed approximately 2% to the company’s total sales of $383 billion in the latest fiscal year.
In contrast, Apple’s revenue in China fell to $72.6 billion in the latest fiscal year due to an economic slowdown. However, recent months have seen strong iPhone sales in China, driven by substantial discounts offered by retailers.
The report also noted that escalating US-China tensions have led Apple and other global tech giants to increasingly turn their attention to Bharat as the next growth frontier.
Apple has significantly increased its manufacturing activities in Bharat, producing models up to the iPhone 15, excluding the higher-spec Pro and Pro Max models. Most of these devices assembled in Bharat are exported.
