Apple is expanding its presence in the Indian smartphone market with the opening of its first stores in Mumbai and Delhi. With a 60% share of the premium smartphone market in India, Apple is aiming to increase its market share in the country’s fastest-growing economy. The move also marks a shift in the company’s manufacturing strategy, as it seeks to reduce its dependence on China
Apple, one of the most popular smartphone brands worldwide, is going to take a significant step in the Indian smartphone market by opening its first store in Mumbai’s commercial zone Bandra Kurla Complex on April 18th, followed by another one in Delhi’s Saket on April 20th. This is a significant move by the Cupertino-based company to expand its business in India, which is the world’s fastest-growing economy.
Apple’s market in India has been growing steadily in recent years, and the company is eyeing to reduce its dependence on China, where most of its products are currently manufactured. With India’s booming economy and increasing demand for premium phones, Apple sees India as a potential market and is trying to increase its market share here. According to recent reports, Apple has a 60 percent share in India’s premium smartphone market, which is dominated by Samsung.
Apple’s CEO, Tim Cook, is likely to inaugurate the new stores in India, marking his first visit to India in seven years. Cook has expressed his bullishness on the Indian smartphone market, and Apple is keen to tap into this growing market.
Apple’s focus on the Indian market is not without reason. In the financial year 2021-22, Apple’s income from India increased by 45 percent to $4.03 billion, and the company’s profit increased by 3 percent to $150 million. These figures clearly indicate that India is an important market for Apple and one that the company cannot afford to ignore.
Apple’s decision to open stores in India is also expected to provide a boost to the Indian economy, creating job opportunities and boosting local businesses. It will also provide Indian customers with direct access to Apple’s products and services, eliminating the need for them to rely on third-party resellers.
Moreover, with the ongoing tussle between the US and China, Apple is trying to reduce its dependence on China and shift its production line to other countries. India is a viable option for Apple as the country provides a cost-effective manufacturing base with a skilled workforce and a large consumer market.
In conclusion, Apple’s decision to open stores in India is a significant step for the company in expanding its business in one of the fastest-growing economies in the world. With a growing demand for premium phones and a large consumer market, India presents a significant opportunity for Apple to increase its market share. The opening of Apple’s stores in India is expected to provide a boost to the Indian economy, create job opportunities, and provide Indian customers with direct access to Apple’s products and services.
