Apple is primed for long-term growth in huge Indian market

Apple is gaining traction in India thanks to the growing adoption of 5G smartphones, sales of which are expected to take off in India in the next five years. Apple’s Indian manufacturing efforts could help it amass a bigger share of that huge market.

Harsh Chauhan for The Motley Fool:

Emerging markets were one of the reasons behind Apple’s resilient iPhone sales performance last quarter. CEO Tim Cook said on the latest earnings conference call that Apple witnessed “very strong double-digit growth in Brazil, Indonesia, and Vietnam.” He also added that the company’s revenue in India nearly doubled. That’s something investors should take note of, as the Indian market presents a solid long-term growth opportunity for Apple…
Though the company didn’t clarify its revenue from the Indian market, estimates suggest that Apple’s revenue from its Indian operations was close to $3 billionin fiscal 2021. The tech giant’s Indian revenue reportedly increased 68% last fiscal year. In fiscal 2022 analysts expect Apple’s top line to increase another 31% in the Indian market, which would bring its revenue [in India] close to $4 billion.
Apple capitalized on higher smartphone spending in India by cornering a 44% share of the market for devices priced at $400 or higher. Smartphone ASPs can be expected to head higher in India this year as sales of entry-level devices decline, driven by the growing adoption of 5G.
Sales of 5G smartphones reportedly increased 163% year-over-year in the second quarter in India as per CyberMedia Research. Even better, sales of premium (priced between $325 and $630) and super-premium smartphones (priced between $630 and $1,260) increased 80% and 96% year-over-year, respectively.
So the conditions are ripe for Apple to step on the gas in the Indian market, and the company is pulling the right strings to ensure that it doesn’t miss out on the lucrative long-term opportunity present over there.

MacDailyNews Take: The sky’s the limit for Apple in India!
It’s nice to finally see some real progress for Apple’s iPhone taking place in India! – MacDailyNews, February 3, 2022
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