Report: Indian Apple sales are expected to grow by more than 50% this year
What you need to know
- Apple's Indian sales are set to grow by more than 50% according to a new report.
- Around $3 billion in sales are expected by the end of the current financial year.
No doubt helped greatly by the arrival of an inline Apple Store in the country.
Apple will reportedly see its sales in India grow by as much as 50% when this year's fiscal year comes to a close. That would mean an increase from last year's $2 billion to around the $3 billion mark.
Citing a pay-walled Business Standard article, Patently Apple reports that India is expected to see huge sales increases, something that is likely helped by last September's opening of an online Apple Store in the country.
According to industry estimates, based on current trends, experts say that the company will hit revenues of $3 billion in India by the end of its fiscal year which has just ended in September. That represents substantial growth over the last year's fiscal in India when it was less than $2 billion. Though in the big picture, that's still a drop in the bucket for Apple, in fact less than 1 percent of Apple's global revenue which is expected to hit $330-$340 billion.
Apple currently manufactures iPhones in India, although the higher-end models are built elsewhere. Apple is also reportedly looking to increase its business in the country.
Apple is likely to build the iPhone 13 and iPhone 13 mini hardware in India this year, with the company "already in talks to strike component deals with Indian companies through its vendors" in an attempt to move beyond iPhone production.
It hasn't been plain sailing for Apple's Indian operations, however. The company saw one partner close a plant for almost three months thanks to a riot over various labor issues.