Apple is nearing $10 billion in annual revenue from India by the end of the year, marking yet another milestone in the country it considers strategically important. India revenue estimates, as shared by sector experts with Mint, come on the back of a massive 47.8% growth in sales to ₹49,321 crore, or $5.9 billion, and strong profitability growth in India, as per data from its filing with the Registrar of Companies (RoC).
“Apple topped the smartphone revenue chart in India in the first six months, and has also had a very strong two months festive season sales. Due to this, there is strong probability Apple could pip Samsung to the top spot in smartphone revenue in India," said Navkendar Singh, associate vice-president for client devices , International Data Corp. (IDC) India.
According to IDC, the company closed 2022 with shipments of 6.5 million iPhone units to retailers. A consensus of industry analysts suggests that in 2023, Apple is likely to exceed 9 million iPhone shipments with some even estimating 9.5 million units.
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