Apple India scored high on parameters like trustworthy leadership, effective growth plan and innovative products to climb five places up to land the seventh position in this year’s list of Most Respected Companies.
Therefore, it is no surpise at all when Tim Cook, CEO, Apple recently said: "India is a hugely exciting market." Earlier in January, Commerce Minister Piyush Goyal said that Apple wants India to account for up to 25 per cent of its production, from about 5 per cent to 7 per cent now. As per media report quoting the figures based on company's filings with the Registrar of Companies, Apple India's consolidated revenue for the financial year 2021-2022 crossed the USD 4 billion mark (around Rs 33,381 crore), driven by growing demand for its high-end smartphones. This figure represents an increase of almost 45 per cent from the previous year. Additionally, the company's net profit for FY22 reportedly increased by 3 per cent to touch USD 150 million (around Rs 1,263 crore).
According to a recent report by market research firm Counterpoint Research, Apple sold more than 6 million iPhones in India in 2021, a significant increase from the 3 million units shipped in the previous year. This surge in sales can be attributed to the company's aggressive expansion of its offline retail presence and the improvement of its manufacturing capabilities within the country. Furthermore, in a recent announcement, Apple said that it had begun manufacturing the iPhone 14 in India, a move that could provide a significant boost to the country's aspirations of becoming a major global manufacturing hub.
Apple has established itself as one of the top players in India's premium smartphone market, with a market share of 37 per cent in the premium segment (above Rs 30,000) and continued dominance in the ultra-premium segment (above Rs 45,000), according to Counterpoint. Despite its relatively small overall share of 3 per cent in the country's smartphone market, Apple's success in the high-end segment highlights the brand's appeal among affluent consumers in the country.