Officials revealed that Apple’s rapid expansion in India has made it the fastest-growing company in the past 50 years. The tech giant has increased its local operations, including iPhone production, by 20x, marking a big shift from its reliance on China.
India’s contribution to Apple’s global production has increased from 7% to 14% in a single year, with iPhone exports reaching $15 billion in the last fiscal year. Domestic sales of the iPhone also saw a big growth of 33%, totaling $8 billion. Apple now has also started manufacturing iPhone Pro models in India.
But despite such amazing numbers, Apple’s market share in India remains relatively modest at under 6%. However, industry experts predict a steady increase as the company deepens its roots in the country. And it’s true: I have seen more iPhones than ever. iPhones are becoming status symbols rather than just mobile devices.
The Cupertino-based firm’s India operations have seen a remarkable revenue surge from Rs 1.15 lakh crore to Rs 2 lakh crore ($13.9 billion to $24.2 billion) in a year, making it a big economic contributor. Officials say this growth hasn’t been seen in the last 50 years.
On the other hand, the Competition Commission of India (CCI) has concluded that Apple abuses its dominant position with the App Store. The company, however, has challenged the findings, raising questions about the integrity of the investigation. For now, this investigation has been held as there is some “sensitive, privileged information” in the report.
As Apple continues to invest heavily in India, the country is poised to become a key manufacturing hub for the tech giant.
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