While India may not be one of Apple’s major revenue-generating markets, it sure is one of its fastest growing market outside the U.S. A report in TOI now states, that the Cupertino-giant has touched the $1 Billion revenue mark in the subcontinent, even though it did not kick off any major growth initiatives in the country.
These numbers have been further corroborated by sources close to the ministry of Corporate Affairs, who have told Times that Apple has indeed touched the $1 Billion revenue mark for the financial year which ended March 31, 2015, and is due to file for the same anytime soon.
The report further suggests that this revenue is an increase of over 40% from the year before when Apple amassed Rs 4,500 crore in revenue. It’s also three times more than what it did just three years ago in 2011-12.
As for the number of units sold this financial year, another Cybermedia Research report suggests that Apple sold off a substantial 1.3 million phones in 2014-15 compared to 9.28 lakh it sold in the previous fiscal, representing a growth rate of 42%.
Analysts suggest that the surge in growth has largely been pushed by the release of Apple’s iPhone 6 and 6 Plus models, both of which feature in the top-tier and continue to attract India’s mobile audience.
While Apple’s numbers continue to surge, the company hasn’t really paid much attention to the Indian market, due to its relatively lower revenues and sales in the region. Comparing it with China, India’s northern rival exceeds Apple’s India sales by over 15 times of India’s current value.
However, a change in Apple’s outlook towards the South Asian giant has been evident for quite some time now. Reports had previously suggested that the Cupertino giant is aiming to line-up as many as 500 Apple stores within the country, which though will be smaller as compared to current ones, will cater to even India’s Tier-B and Tier-C cities. That step however is yet to materialise.
Another major news which broke out recently was an internal conversation within Apple, of opening up a development centre in India. But again, nothing apart from tat particular report has really come up, so we’ll have to wait and see as to when that centre comes up.