APPLE
In the discussions around India’s long-term growth trajectory, the country’s digitalisation push is often touted as a key driver. Its smartphone market, which is the second largest in the world, is expected to triple from its current levels to $90 billion by 2032, according to global financial services provider Morgan Stanley. For believers in the India growth story, like Apple CEO Tim Cook, this is great news.
In 2017, during a quarterly earnings call, the Apple chief had said that he was “very, very bullish and very, very optimistic about India”. In the subsequent years, it seems that the Cupertino-based company’s India bet is paying off. For FY23, Apple’s India operations reported a 48% annual revenue growth, almost touching $6 billion. More importantly, the company’s market share is estimated to rise from 4.5% last year to 7% in 2023. If all goes well, the tech major would be able to rake in $10 billion annual revenue from India this fiscal. So, how did the world leader of expensive smartphones tap into the price-sensitive market of India?
Cracking the Premium Code
The average selling price (ASP) of a smartphone in India is now at $253, approximately Rs 21,000, which is a 12% rise from the same period last year, according to International Data Corporation. The data shows that it is the premium segment—above $600—that has been showing the most growth for the past few quarters. The smartphone market is evidently experiencing a premiumisation wave, although the ASP is low compared to global standards. Experts suggest that a key ingredient behind Apple’s success in India has been the Indian aspiration to own more expensive devices.
هذه القصة مأخوذة من طبعة December 2023 من Outlook Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 2023 من Outlook Business.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
From Chandni Chowk to Global Recognition
For Manish Aggarwal, director at Bikano, Bikanervala Foods, the family business was not just a responsibility but a passion he took to the global stage
Spotting AI Scams
Al has become an integral part of our lives, from customer service no insurance claims. But it is also becoming a tool for fraudsters who use it to scam individuals and corporations
Let a Hundred Flowers Bloom
On the banks of the Ganges in industrial Kanpur, a start-up has blossomed that turns waste flowers into incense
BATTERY LOW
India produces enough green energy to power many of its largest cities yet lacks the storage to use it efficiently. A nation blazing forward must leap ahead in battery technology to stay on course
We Have Everything Going for Rajasthan
Rajyavardhan Singh Rathore, Rajasthan’s industry and commerce minister, tells Pushpita Dey why the state is suited to become a hub for investments.
Dairy and Other Dilemmas
India’s refusal to open its dairy market has complicated trade negotiations for years. As global partners demand concessions, is the cost of protectionism outweighing benefits?
Riding in a Maze
As gig workers ride into an uncertain future with little more than a smartphone and a bike, the government is struggling to arrange a socialsafety net. But millions without social security is recipe for disaster
BIRLA'S BIGGEST BATTLE
As Kumar Mangalam Birla completes 30 years at the helm of the Aditya Birla Group, he has a battle to defend his businesses and conquer new ones
THE INNOVATION LEAP
India dreams of becoming a product nation. But unless the corporate sector significantly increases spending on R&D, the country will continue to lag behind global peers
EDUCATION BUDGET MUST DOUBLE EVERY 3 YEARS
Veezhinathan Kamakoti, a renowned academic and director of Indian Institute of Technology Madras, tells Deepsekhar Choudhury on what technology sovereignty means for India and how it can propel the country towards its vision of becoming a developed nation by 2047.
