Apple India Estimated to Reach $3 Billion Revenues This Fiscal

Apple Inc’s numbers in India are expected to set another record as the early trends indicate that it will reach about $3 billion (Rs 22,200 crore) in revenue this fiscal year ending September 2021. It is believed to be a 60% year-on-year growth from the second-largest smartphone market in the world. Also, it is an increase of 29% from the last year. Notably, Apple follows the fiscal year pattern from October to September.

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Apple India Revenue Growth

Despite the estimated jump in revenue, the revenue of Apple India forms just 1% of its global revenue. In India, it has under 5%  market share by volume, which is due to its pricing strategy, claim analysts. However, the revenue of the company has surged as there is a strong demand for iPhones.

According to CMR, the demand has been high for the iPhone 11 along with other models, including iPhone SE 2020, iPhone XR and iPhone 12.

With this demand in mind, Apple’s contract manufacturers – Wistron and Foxconn, have already committed to produce Rs 3.6 lakh crore of iPhone units in the next five years. This will be 60% of the overall number of units committed by global manufacturers under the Production-Linked Inventive (PLI) scheme of the government for handsets.

This commitment will set India as an important manufacturing and export hub for Apple instead of being a consumer market. As per ET, Prabhu Ram, head – industry intelligence at CyberMedia Research (CMR), said that the company has a strong lineup of products across price segments, and it will cater to all consumers such as first-time buyers and premium device seekers.