New Delhi, Aug 2 Buoyed by the friendly production-linked incentive (PLI) scheme of the government, Apple's iPhone market in the country is all set to reach 7 per cent by the end of this year, and the company is projected to surpass $9 billion in revenue this year, industry data showed on Friday.
The Cupertino-based tech giant clocked nearly $8 billion revenue in India in the last fiscal year (FY24).
The company achieved record export numbers around $3.8 billion in the April-June period (Q2 FY25) in the country.
Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR) told IANS that Apple's performance in the April-June period was marked by contrasting fortunes.
According to him, the iPad segment delivered impressive year-over-year growth of 40 per cent, fuelled by the popularity of the iPad 10 and newer models.
The Mac also continued to gain traction in the evolving workplace.
"The long-term growth outlook remains positive with Apple being well-positioned to capitalise on India's growth trajectory over the next decade," he noted.
In 2023, Apple achieved a milestone of 10 million shipments in one full year, according to Counterpoint's Monthly India Smartphone Tracker.
In the April-June quarter, Apple experienced a decline in offline sales due to fewer promotions and adverse conditions such as reduced seasonal demand and heatwaves in some regions.
"However, online sales improved during this period. Despite these challenges, the iPhone 15 remained Apple's top seller, mainly due to its significant upgrades over previous generations. Which helps Apple to close a quarter in record revenue, Meanwhile, demand for older models is relatively lesser," Counterpoint Research Director Tarun Pathak told IANS.
According to Apple CEO Tim Cook, the company has once again set a quarterly revenue record in India.
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