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.
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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
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