BUSINESS

Due To The Massive iPhone Craze, Apple’s India Revenue Soars to Over $8 Billion in 2023: Report

Apple made $8.7 billion in sales in India last year, up roughly 42% (year over year), according to a study released on Friday by international stockbroker Morgan Stanley.

The research states that iPhone shipments increased to 9.2 million devices last year, a growth of around 39%.

According to analysts in the research, “In CY23, India represented 4% of iPhones shipments and revenue, up from 3% in CY22 and 1% five years ago.”

“By 2027, India would surpass China as the largest iPhone market if its growth trajectory holds steady and China’s iPhone shipments remain unchanged,” the report said.

The initial report about Apple India’s 2023 revenue was published by TechCrunch.

Tim Cook, the CEO of Apple, said earlier this month that the business had robust double-digit growth in the December quarter in India, setting a new quarterly sales record in the nation.

Cook said in response to an analyst’s queries that the India market “hit a quarter revenue record.”

India’s smartphone sales in 2023 were steady at 152 million units, but Apple shipped over 10 million devices and took the top spot in terms of revenue for the first time in a calendar year.

The government reduced import duties on components used to make mobile phones from 15% to 10% in January in an effort to increase the amount of mobile manufacturing that occurs in the nation. This action will facilitate the production of additional high-end, premium cellphones in the nation by businesses such as Apple.

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