iPhone is no longer a device just for the rich and famous in India as Apple’s revenue jumped 45% in FY2022

iPhone is no longer a device just for the rich and famous in India as Apple’s revenue jumped 45% in FY2022

New Delhi, October 30: India has finally made it to Apple’s world map. With revenue exceeding Rs 33.3 billion in the fiscal year ending March 31, 2022, millions of aspiring fans in the country now want to join its ecosystem.

According to data from business intelligence platform Tofler, Apple India posted a net profit of Rs 1,263 crore, a growth of 3% (YoY) in the fiscal year, as sales increased by 45%. Apple iPhone revenue grows 10% to $42.6 billion worldwide, Indian market sees record iPhone 14 sales.

In India, not only are high-end new generation Apple phones coming off the shelves, older generation models like iPhone XR, 11, 12 and 13 are now popular with those who can’t afford the new phones, thanks to deals. and attractive schemes.

From your neighborhood barber to the morning doodhwala (milkman), from your local sabzi vendor to the dhobi (washer), iPhones are becoming the new norm for them and they don’t mind paying a little extra for them. Chinese models to join the ever-growing Apple. family in the country.

With an iPhone comes the need for an Apple Watch, AirPods Pro and an iPad, fueling the company’s entire ecosystem in a country where Apple iPhones were once reserved for the rich and famous. According to Tarun Pathak, research director at Counterpoint, India is among the 20 countries where the ‘premiumization’ trend has just started.

“Easy financing, buy now pay later (BNPL), and the shift from mid-tier to premium is happening. Although the market for premium smartphones (over $400 retail) is only 7 percent in India of the market total smartphone market, is likely to reach 10 percent next year and is growing much faster (over 14 percent) than the overall smartphone market (7 percent),” Pathak told IANS. Basically, strong aspirational and brand equity, coupled with a broader iPhone portfolio, is now driving Apple’s sales in India.

Apple CEO Tim Cook said last week that the company has achieved a new revenue record in India in the July-September period and continues to perform well with strong double-digit growth in the country, which is the Next in Apple’s big manufacturing plans.

According to CyberMedia Research (CMR), iPhones grew 44% (quarter over quarter) in the July-September period in India, selling more than 1.7 million iPhones.

“Apple posted gains in the Indian market in the third quarter of 2022 and in the run-up to the important festive season. We continue to see consumer demand for premium smartphones remain resilient, with Apple as one of the leading players. beneficiaries with their iPhone sales, Prabhu Ram, Head of the Industry Intelligence Group (IIG), CMR, told IANS.

Another key reason, according to Pathak, for the growth is that Apple’s user base is at a record level in India and these users are spending more on devices and services within the Apple ecosystem. The Apple iPhone 15 series will have a USB-C charging port, four models with significant differences in features, a report reveals.

“This led to revenue growth as we saw in the fiscal year ending March 31, 2022. Apple continues to drive a new user base in India across all of its product categories and is uniquely positioned with respect to the rigidity of the ecosystem,” he said. Elaborated.

Despite the prevailing macro environment, Apple posted gains on the back of its strong brand equity and strong aspirational appeal of iPhones in India, Ram added.

Riding the momentum, 2023 is likely to be a year in which Apple will experience unprecedented growth in the Indian market, industry insiders say.

(The above story first appeared on LatestLY on Oct 30, 2022 at 01:08pm IST. For more news and updates on Politics, World, Sports, Entertainment and Lifestyle, log in to our website last.com).

Leave a Comment