India to Fuel Apple's Decadal Growth, Predicts Analysts

India to Fuel Apple's Decadal Growth, Predicts Analysts
There is a significant push for high-tech electronic manufacturing in India, and industry analysts believe that the country will be a key driver of Apple's growth in the coming decade.
Apple's revenue in India increased by nearly 42 percent last year, reaching $8.7 billion. iPhone shipments also experienced a growth of about 39 percent, totaling 9.2 million units. Prabhu Ram, Head of the Industry Intelligence Group at the market intelligence firm CMR, stated that the country is augmenting its upstream capabilities in the electronics ecosystem. He further mentioned, "Apple has been a prime beneficiary of this conducive policy environment. At Cybermedia Research, our market estimates indicate that Apple is poised to achieve a significant 40 percent year-on-year growth in iPhone shipments in 2023."
Ram stated that India will drive Apple’s growth over the next decade, "just as China did in the last." Benefiting from the premiumization trend in India, iPhones experienced a 28 percent growth, increasing from a 4 percent market share in 2022 to more than 6 percent in 2023.
During the fourth quarter of 2023, iPhone shipments in India experienced a seven percent increase. As India intensifies its focus on domestic manufacturing, Apple assembled iPhones valued at over Rs 1 lakh crore in the country in 2023. The manufacturing activities by Apple in India align with the objectives outlined in the production-linked incentive (PLI) scheme. 
Source: IANS