Last Updated: February 25, 2024, 12:00 IST
The large demand for iPhone means Apple is laughing its approach into the nation
Apple has seen its iPhone demand develop manifold which has not solely pushed the cargo items but in addition elevated the necessity to arrange premium shops
Apple’s income in India rose almost 42 % (on-year) final yr to $8.7 billion, international brokerage Morgan Stanley stated in a report on Friday.
According to the report, iPhone shipments grew about 39 % to 9.2 million items final yr.
“In CY23, India represented 4 percent of iPhones shipments and revenue, up from 3 percent in CY22 and 1 percent 5 years ago,” stated analysts within the report.
“If India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027,” it added.
TechCrunch was first to report on Apple India’s 2023 income.
Apple registered sturdy double-digit progress within the December quarter in India, reaching one other quarter income document within the nation, firm’s CEO Tim Cook stated earlier this month.
Responding to an analyst’s questions, Cook stated that the India market “hit a quarter revenue record”.
India’s smartphone shipments remained flat in 2023 at 152 million items, however Apple reached the 10-million-unit mark in shipments and captured the highest place in income in a calendar yr for the primary time.
In a bid to additional increase cell manufacturing within the nation, the federal government in January slashed import responsibility on elements used for manufacturing of cellphones to 10 % from 15 %. The transfer will assist corporations like Apple to fabricate extra of its high-end premium smartphones within the nation.
(This story has not been edited by News18 employees and is printed from a syndicated news company feed – IANS)
S AadeetyaS Aadeetya, Special Correspondent at News18 Tech, unintentionally bought into journalism 10 years in the past, and since then, has been a part of established media ho…Read More
Source: www.news18.com
