Apple reported record growth in India during the quarter ending in December 2024, as the iPhone became the top-selling model in the country.
In response to a question about robust growth in emerging markets, Cook said the company had seen great results from its emerging markets, particularly India.
“India set a December-quarter record during the quarter, and we’re opening more stores there, we’ve announced that we’re going to open four new stores there. The iPhone was the top selling model in India for the quarter, and it’s the second largest smartphone market in the world and the third largest for PCs and tablets, and so there’s a huge market, and we have very modest share in these markets, and so I think there’s lots of upside there, and that’s just one of the emerging markets,” said Cook.
Shubham Singh, Counterpoint research analyst, said 2024 was a strong year for Apple in India. The company ranks among the top 5 brands in India with 11 per cent of the market share. With the iPhone 15 being the highest-shipped device of the quarter, Apple reported record shipments in a single quarter, securing the highest market share by value for 2024.
The premium smartphone segment in India saw significant growth, fuelled by rising disposable incomes and aspirational purchases, particularly among the youth. As a result, Apple has become the preferred brand for young consumers. In addition to Tier 2 cities, the iPhone has become a symbol of lifestyle and status, according to analysts.
Overall, the company reported a total revenue of $124.3 billion, a 3.9 per cent year-on-year growth. In the Asia Pacific region, excluding Greater China and Japan, revenue grew by 1.2 per cent to $10.3 billion. In terms of sales, iPhone revenue grew to $8.9 billion, reflecting a 15 per cent year-on-year increase.
Cook said that the company will also be adding more languages to Apple Intelligence, including localised English to India and Singapore. Other languages include French, German, Italian, Portuguese, Spanish, Japanese, Korean, and simplified Chinese.
In the enterprise segment, Apple reported strong demand for its products in emerging markets, including India, where companies like Zomato and Cisco are using its products, such as Macs and Vision Pro, and services.
Looking at Apple’s plans for the coming year, Bharath Shenoy Principal Analyst IDC India, said the company will focus on its commercial segment: “What Apple is capitalising on is the enterprise market that was low in 2024. Its presence itself was low but they were testing Macs in Fortune500 companies. Now, refresh orders are coming in, where people who ordered devices in 2020-21 will look for replacements. Apple is tapping into that market. On the consumer market front, they brought in their old m1 chips at aggressive market rates. They sold Macs for ₹52,000-55,000 during the festive season. So, they had good numbers this year. During the previous quarter, Apple sold 202,952 personal computers (laptops and desktop computers) in the consumer segment as compared to only 22,427 computers in the commercial segment.”