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.
この記事は Outlook Business の December 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Outlook Business の December 2023 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
The New Imperialism
The EU has approved a new environmental regulation that will impact global value chains. Small businesses will have to bear the brunt
VISION FOR THE INDIA OF 2047
In India@100, Krishnamurthy Subramanian argues that India can be a 55trn economy by 2047 if it doubles down on the economic policies implemented in the last decade to grow at 8% annually. Although middle-income trap has plagued many developing countries in the past, he is convinced that India is well-equipped to avoid obstacles in its growth odyssey
BUSINESS MINT: CELEBRATING EXCELLENCE, ONE AWARD AT A TIME
Ensuring that Firms and Entrepreneurs Receive the Recognition they Deserve since 2018
DR. PAVANI KADIYALA: DRIVING INNOVATION AND TECHNOLOGICAL ADVANCEMENT IN EMERGING INDUSTRIES
Celebrating Dr. Pavani Kadiyala's Accolades and Contributions to Emerging Technologies
INSPIRING EXCELLENCE: THE JOURNEY OF NALANDA EDUCATIONAL INSTITUTIONS:
Honoring the Vision of Sri Manthena Suryanarayana Raju Through Innovation and Holistic Development
THE RISE OF VARUN REALTORS
Leading the Charge: Varun Kaliga Named Emerging Real Estate Influencer of the Year for Innovative Impact
R.C. RATUL: BRIDGING THE WORLDS OF ENTERTAINMENT AND REAL ESTATE
The Visionary Behind the Convergence of Entertainment and Real Estate
CYBERABAD BUILDERS ASSOCIATION: LEADING THE CHARGE IN SHAPING
Recognized as the Emerging Builders Association of the Year 2024,’ CBA is setting new benchmarks in real estate and construction excellence in the heart of Hyderabad.
FROM PAPERBOY TO POWERHOUSE: THE INSPIRATIONAL JOURNEY OF VENU KALYAN
Celebrated with the Most Admired Real Estate Sales Coach of the Year 2024’ Award for Transformative Impact and Innovative Coaching
OUTLINE MEDIA: SHAPING TOMORROW'S BRANDING AND ADVERTISING TODAY
Redefining Branding and Advertising