In a recent statement, Tim Cook, the CEO of Apple, highlighted the company’s record-breaking expansion in India and other emerging regions. Cook disclosed on Apple’s most recent earnings call that the company set a record for revenue in India and demonstrated double-digit market growth. The company’s emphasis on India, which Cook called a “incredibly exciting market” for Apple, is evident in its performance.
Apple achieved remarkable records in many other countries, including Brazil, Canada, France, Indonesia, Mexico, the Philippines, Saudi Arabia, Turkey, the UAE, and more. For the September quarter, the company recorded total global revenue of US$89.5 billion. Particularly the iPhone market performed well, with revenue hitting $43.8 billion in the September quarter—a 3% YoY increase—and setting a new record. The number of active iPhone users also hit a record level, and 2023 was yet another record year for customer switches.
The Apple CEO sees enormous development potential in India despite the country’s sizable and growing middle class, despite the country’s comparatively low market share. The man said: “In India, we set a record for revenue. We developed very robust double digits. We find this market to be really fascinating and it’s one of our main areas of focus. It appears that there is a lot of space there because we have a small share in a big market.”
He points out that although Apple’s average selling prices in India may be lower than the worldwide average, the business isn’t particularly bothered by this. Cook was cautious when drawing direct comparisons between India and other markets since he understood that every nation has a different growth trajectory and journey.
He outlined the favourable elements that have contributed to Apple’s expansion and current performance in India, including the country’s expanding middle class, quickly developing distribution networks, and the company’s recent and successful opening of two retail locations in Delhi and Mumbai.
Apart from its consistent expansion in India, Apple is also focusing on other developing economies, such Vietnam and Chile, through the opening of online stores and the implementation of affordable initiatives aimed at enhancing customer support and expanding the reach of its products.
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