Apple bets big on India, to open first official retail store in Mumbai

This is seen as an important move as India is becoming an increasingly important market for the company in terms of sales and manufacturing capabilities

April 6, 2023

Apple CEO Tim Cook is expected to visit India this month to hold discussions with key ministers on strategic issues such as manufacturing expansion and exports from India

Apple became the first company to export smartphones amounting to US$ 1 billion from India in a single month in December 2022

There is a growing trend among Indian consumers towards buying premium devices

The company sold around 6.7 million units of iPhones in India in 2022, up from 4.8 million in 2021 and 2.7 million in 2020

Apple Inc has announced plans to open its first official retail store in Mumbai later this month, This is seen as an important move as India is becoming an increasingly important market for the company in terms of sales and manufacturing capabilities. Additionally, there is a growing trend among Indian consumers towards buying premium devices.

According to sources, Apple CEO Tim Cook is expected to attend the launch of the store and to meet key ministers to discuss issues such as manufacturing expansion and exports from India. 

India is a “hugely exciting market” and a “major focus” for Apple, Cook had said in an investor meeting last year. The company sold around 6.7 million units of iPhones in India in 2022, up from 4.8 million in 2021 and 2.7 million in 2020, according to IDC data. The tech giant assembles iPhones in India through three Taiwanese contract manufacturers approved under the government’s production-linked incentive scheme for smartphones.

According to media reports, Apple became the first company to export smartphones amounting to US$ 1 billion from India in a single month in December 2022.

Experts believe that while Apple has taken time to set up its retail stores in India, the Indian consumer is maturing and spending more, particularly at the premium end, which makes India the big growth market for the tech giant in the next decade.

Sources: Mint | Economic Times

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