Analysts predicted that Apple might make over $3 billion Indian Apple sales by the end of this financial year in India. As per the latest Paywalled report released by Business Standard, analysts expected that the iPhone sales in India may grow over 50 per cent year-over-year.
“According to industry estimates, based on current trends, experts say that the company will hit revenues of $3 billion in India by the end of its fiscal year which has just ended in September. That represents substantial growth over the last year’s fiscal in India when it was less than $2 billion. Though in the big picture, that’s still a drop in the bucket for Apple, in fact, less than 1 per cent of Apple’s global revenue which is expected to hit $330-$340 billion.”
For the financial year 2019-2020, Apple’s revenue from iPhone sales is under $2 billion, but industry experts say that a trajectory growth will be seen in Indian Apple Sales by this financial year.
Reasons Behind Trajectory Growth In Indian Apple Sales
One of the foremost reasons behind the expected growth in the sale of $3 billion iPhone in India by the end of the fiscal year 2021-2022 may be due to engagement of local manufacturing of flagship iPhones. Apple’s manufacturing partners like Wistron and Foxconn have increased the assembling of iPhones in India by 75 per cent in 2021 as compared to 2017.
As of now, Apple’s manufacturing partners manufacture models such as iPhone XR, iPhone 11, iPhone 12 mini, iPhone 12, and iPhone SE. The launch of the iPhone has significantly improved in the past few years.
In 2020, Apple launched its online Apple stores in India to sell iPhone, Apple Watch, iPad, AirPods, iMac, and all other accessories, directly to customers. With the opening of online stores, the company has registered impressive growth in its sales. A certain report says that Apple might open its first physical store in India by the year 2022 in Mumbai.
In the June quarter, Apple CEO Tim Cook said “Developing markets, including India, had shown “exceptionally strong growth”. He also said that “we’ve got something for the entry buyer who wants to get into an iPhone and then something for the pro buyer who wants the very best iPhone that they can buy.”