Apple reveals how it views prospects in Indian market; check details

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Due to strong demand for its products, Apple has doubled its business in India in the past one year and the company is optimistic about the future, according to a report in The Economic Times. The management of Apple further said that the company has set quarterly records in every geographic segment with strong double digit growth across the board. It also said that every product category and geographic segment set a new annual revenue record and were up by at least 20 percent over fiscal 2020.

According to the latest report by Counterpoint Technology Market Research, Apple was the highest growing smartphone brand in India during the July to September quarter with 212 percent YoY growth and led the premium smartphone market (handsets priced over Rs 30,000) with a 44 percent share.

The iPhone maker also led in the Indian ultra-premium segment (handsets priced over Rs 45,000) with a 74 percent share. Strong demand for the iPhone 12 and iPhone 11 were the major factors in the company’s growth.

Challenges

However, supplies continue to be a challenge on the back of a high demand, the company said. It added that the company had about $6 billion in supply constraints globally and it affected iPhone, iPad and Mac.

The two reasons for this were chip shortages throughout the industry and manufacturing disruptions caused due to Covid in Southeast Asia. But, the disruptions caused due to Covid have improved materially across October, the company said.

Last year, Apple has grown the business globally by 33 percent or $91 billion touching nearly $366 billion of revenue with record-level performance across the board.