Apple is significantly expanding its presence in India’s burgeoning tech market. A new retail store, located in the upscale Phoenix Mall in Bangalore, will open its doors to customers on September 2nd. This marks Apple’s third retail location in India, following the successful launches of flagship stores in Mumbai and Delhi.
The company’s CEO, Tim Cook, personally attended the openings of the previous two stores, highlighting the importance of the Indian market to Apple’s global strategy.
The move underscores Apple’s ambitious growth plans for India, a country with over 700 million smartphone users. While iPhones currently hold a 5% market share, the vast potential of India’s population presents a considerable opportunity for increased revenue.
Apple’s revenue in India surged by over 30% in the fiscal year ending March 2024, reaching $8 billion, primarily driven by strong iPhone sales.
To further penetrate the Indian market, Apple has implemented various customer-friendly initiatives. These include partnerships with banks to offer interest-free installment plans, student discounts, and personalized engraving services on select products. These strategies aim to make Apple products more accessible to a wider range of Indian consumers.
Simultaneously, Apple is actively expanding its iPhone manufacturing capacity within India. This diversification from China is a strategic response to recent global events, including COVID-related disruptions and escalating trade tensions.
Currently, India produces over 20% of all iPhones, with all four models of the upcoming iPhone 17 series set to be manufactured in India before their official launch. This demonstrates a strong commitment to local production and reinforces Apple’s long-term vision for the Indian market.
