Not UK Or Japan: India To Emerge As Apple's Third-Largest iPhone Market In Just 2 Years
Portfolio Pulse from Shomik Sen Bhattacharjee
By 2026, India is projected to become Apple Inc.'s third-largest iPhone market, surpassing Japan and the UK. In 2023, iPhone shipments in India exceeded 10 million units for the first time, contributing to significant revenue for Apple. iPhones produced in India accounted for 13% of global shipments in 2023, a substantial increase from 1% in 2018. This growth is attributed to Apple's expanding brand affinity in India. Additionally, Apple's services sector is expected to make up a quarter of its total revenue by 2025, potentially exceeding $100 billion annually. The introduction of the Apple One subscription in 2023 is anticipated to further enhance Apple's service revenue.
April 04, 2024 | 9:44 am
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Apple Inc. is on track for significant growth in India, with the country poised to become its third-largest iPhone market by 2026. The increase in iPhone shipments and the production of iPhones in India contributing significantly to global shipments highlight Apple's expanding market presence. Additionally, the expected growth in Apple's services sector revenue, particularly with the introduction of the Apple One subscription, underscores the company's potential for increased earnings and revenue.
The significant growth in iPhone shipments in India and the substantial contribution of Indian-made iPhones to global shipments indicate a strong market presence and brand affinity in India. This, coupled with the anticipated growth in service revenue, particularly from the Apple One subscription, suggests a positive outlook for Apple's earnings and stock price in the short term.
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