Apple doubled its business in India in the financial year 2021, said CEO Tim Cook during its earnings call on October 29. He also stated that Apple earned nearly one-third of its revenue from evolving markets in the fiscal year.
“We set quarterly records in every geographic segment with strong double-digit growth across the board,” CEO Cook was quoted as saying by Business Line. “During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam,” Cook added while announcing the company’s quarterly results.
Though the company did not specify the number of sales in India, market research firm Counterpoint Research was quoted as disclosing that Apple crossed a record two million shipments in the July-September quarter in India. During this period, Apple was the fastest-growing smartphone brand with 212 per cent YoY growth, obtaining a market share of 44 per cent in the premium smartphone market.
Apple reportedly led the premium smartphone market (price point of over ₹30,000) and maintained its leading position in the ultra-premium segment (over ₹45,000 or $650) with a 74 per cent share.
Despite such growth in India, the California-based tech giant missed Wall Street expectations because of supply constraints owing to Covid-19 and its effect in key markets. As Apple stated, the company generated quarterly revenue of $83.4 billion (nearly Rs 6,23,800 crore) in the fourth quarter that ended September 25.
“We are optimistic about the future, especially as we see strong demand for our new products,” Cook stated while addressing investors during the earnings call.”
Cook also mentioned in January, the company’s business in India doubled in the previous quarter, informing about achieving a quarterly record in the Indian market in October 2020.
In September this year, Apple launched the iPhone 13 series that helped reposition the iPhone 12 models. The repositioning resulted in a dip in the prices of older iPhones.
Industry experts believe that the increased share of local assembly, solid retail initiatives, including online stores, and aggressive marketing initiatives primarily played a significant role in Apple’s success during the festive season and not the updates from Apple alone.
