Apple doubles its business in India

Apple’s sales in India took off in fiscal 2021 thanks to the nascent, but increasing adoption of 5G smartphones.
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Harsh Chauhan for The Motley Fool:

Apple recorded sharp jumps in revenue and earnings. Its top line shot up 29% year over year to $83.4 billion and earnings soared 62% to $1.24 per share on the back of robust demand for its products. The global chip shortage and COVID-19-driven manufacturing restrictions kept Apple from delivering stronger numbers, but they couldn’t prevent the company from registering terrific growth in the world’s second-largest smartphone market: India.
CEO Tim Cook pointed out on Apple’s latest earnings conference call that business in India doubled in fiscal 2021, which is way higher than what analysts were expecting.
IDC estimates that 40 million 5G devices will be shipped in India this year, accounting for 24% of overall shipments, versus just 3.5 million in 2020. Commercial 5G networks are yet to be rolled out in India, but demand for phones supporting the latest wireless standard is spiking as consumers are looking to future-proof their devices.
As Counterpoint Research points out, Apple is the fastest-growing premium smartphone brand in India. The company’s third-quarter iPhone shipments in that country jumped 212% year over year, giving it a 44% share of devices priced above 30,000 Indian rupees (roughly $400). Apple held even greater sway in the ultra-premium smartphone segment, which includes devices priced above 45,000 rupees (approximately $600 at the current exchange rate), with a share of 74%.
Counterpoint adds that Apple was the top 5G smartphone brand in India in the premium segment in Q3, claiming that position for the first time. Another third-party report estimates that Apple shipped 2 million iPhones in India in the third quarter. That’s impressive considering that the company had reportedly sold 3.2 million iPhones in India in 2020 and had just a 2% market share.

MacDailyNews Take: After years of fits and starts, it’s beginning to look like Apple is getting their act together in India.
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