![Apple’s annual sales reached record of $8 billion, a 33% growth YoY Apple’s annual sales reached record of $8 billion, a 33% growth YoY](https://varindia.com/public/storage/news/2024/07/S2kKM7xpOBRl0XXnxaUKDW6UXX4D8GA9QuYlZpwc.webp)
In India, tech giant Apple’s annual sales have soared to a record of almost $8 billion, a 33 percent increase from the previous year's $6 billion, as per news report.
This growth marks the rapid expansion of the market where Apple is boosting its device assembly and has opened two flagship stores.
The revenue growth was fueled by the popularity of Apple's iPhones, which contributed to more than half of the sales. This growth highlights Apple's efforts to attract users in India, the world's most populous country, where consumers' purchasing power is rising.
The technology company is targeting India to diversify its manufacturing and revenue sources beyond China as it has become a riskier market due to trade tensions between the US and China.
Though a rapidly growing market, Apple holds a small share of the Indian market which is majorly dominated by cheaper Android devices. iPhones represent only about 3.5 percent of the approximately 690 million smartphones in use in India. However, India remains one of Apple’s fastest-growing markets, even though it accounts for just 2 percent of Apple's total sales of $383 billion in the latest fiscal year.
Apple chief Tim Cook is constantly working to enhance the company’s presence in India. Last year, in India he launched the first two Apple stores which sell a range of Apple products. Cook views India’s growing middle class, which perceives Apple products as status symbols, as key to reducing Apple's reliance on China.
Apple is also focusing on its manufacturing in India. At present, the company assembles several models like the latest iPhone 15 in the country, but not the higher-spec Pro and Pro Max models. Most of these devices are exported. Apple’s assembly partners in India doubled their production to $14 billion worth of iPhones last fiscal year, making up 14 percent of Apple's global production.
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