Connect with us

Hi, what are you looking for?

iPhone

India to power Apple’s growth over the next decade: Industry analysts

India to power Apple’s growth over the next decade: Industry analysts


New Delhi, Feb 23 (SocialNews.XYZ) There has been a strong impetus for high-tech electronic manufacturing in India and the country will power tech giant Apple’s growth over the next decade, industry analysts said on Friday.

Apple’s revenue in India rose nearly 42 per cent (on-year) last year to $8.7 billion, according to foreign brokerage Morgan Stanley.




The iPhone shipments grew about 39 per cent to 9.2 million units last year.

Prabhu Ram, Head, Industry Intelligence Group at market intelligence firm CMR, told IANS that the country is adding more upstream capabilities to the electronics ecosystem.

“Apple has been a prime beneficiary of this conducive policy environment. At Cybermedia research, our market estimates point to Apple recording a significant 40 per cent year on year growth in iPhone shipments in 2023,” he said.

Ram said that India will power Apple’s growth over the next decade, “just like China did in the last”.

Riding on the premiumisation trend in India, iPhones grew 28 per cent from 4 per cent market share in 2022 to more than 6 per cent in 2023, according to latest industry data.

In the fourth quarter of 2023 alone, iPhone shipments saw seven per cent growth in India, according to the latest CMR data.

As India doubles down on local manufacturing, Apple assembled iPhones worth more than Rs 1 lakh crore in India in 2023. Apple’s manufacturing in the country is part of the goals set under the production-linked incentive (PLI) scheme.

Source: IANS

India to power Apple's growth over the next decade: Industry analysts

About Gopi

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.

He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.

When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.

He can be reached at gopi@socialnews.xyz





The article was first published here

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

iPhone

10:29 a.m. ET, February 22, 2024 AT&T recently applied for a waiver to allow it to stop servicing traditional landlines in California From CNN’s...

Entertainmment

Everyone in Kyle Hausmann-Stokes’ compassionate feature My Dead Friend Zoe has suffered a loss. Merit (Sonequa Martin-Green), a nervous Afghanistan war veteran, is reeling...

Gaming

Video: Bandai Namco Reveals New Gameplay Footage Of Dragon Ball Z: Kakarot DLC 6  Nintendo Life Dragon Ball Z: Kakarot DLC Trailer Previews Goku’s Next...

Computing

Using 3D storage techniques, scientists at the University of Shanghai for Science and Technology developed an optical disk capable of accommodating 1.6 petabits of...