Apple, a Cupertino tech giant, has been growing rapidly in India. Tim Cook, CEO of Apple, said recently at the earnings call of the company that they plan to open four more stores in India. This statement comes at the backdrop of Apple registering record revenues in the December 2024 quarter. The four new stores have been already confirmed by the company before. During the holiday quarter, Apple registered a whopping $124.3 billion in revenues. Apple achieved these numbers even after stiff competition in China.
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Tim Cook said, "The iPhone was the top-selling model in India. It is the second-largest smartphone market in the world, and the third-largest for PCs and tablets, so there's a huge market. We have very modest share in these markets, so we have an upside there. And this is only one of the emerging markets."
According to Counterpoint Research, Apple registered growth in both hardware and services revenue in Q4 2024 (fiscal Q1 2025). Hardware revenues for Apple grew by 2% YoY while the services revenue continued with a double-digit growth streak for the 6th consecutive quarter, at 14% YoY.
"Despite Greater China revenues falling 11% YoY, Apple set an all-time high revenue record. China is the second largest iPhone market globally. The revenue results show how diversified Apple’s business has become," said Varun Mishra, senior analyst at Counterpoint Research.
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"Services, multiple product lines with different refresh cycles, emerging markets growth and favourable product mix led to revenue record. The contribution of Pro series within the 16 line-up was also higher than the 15 line-up. Mac and iPad ASPs have also grown YoY. All this has contributed to revenue growth," added Mishra.
According to a recent CMR report, Apple saw a growth in market share in India by 23% YoY and in the calendar year 2024, its market share in India was 7%.
