Apple doubled business in India over past year, says CEO Tim Cook

Apple has doubled its business in India over the past year, CEO Tim Cook said during the company's Q4 earnings call on Thursday.

Cook said Apple set quarterly records in every geographic segment with strong double-digit growth across the board. "During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam, he said.

It must be noted Apple's fiscal year starts at the end of September.

While Apple does not disclose its numbers in India, market research firm Counterpoint Research said the September quarter was Apple's best quarter in the country with a record two million shipments. Apple also became the top 5G smartphone brand in the premium segment for the first time, according to the research firm.

"Apple had a very successful quarter in terms of iPhones with shipments crossing a record 2 million units for the first time in a single quarter. iPhone 11 and 12 contributed almost 62% of that. The recent quarter was the best for Apple in India ever," said Tarun Pathak, research director at Counterpoint Research.

He added that the full impact of the festive season will reflect in the next quarter and his firm is of the view that iPhone 12 is likely to lead within portfolio. Apple had the strongest lineup in India in the past year that contributed to the growth, he said, adding that the pandemic-induced trends worked in favor of iPad, Mac, Airpod, and services growth as well in India. “The strong product demand along with a dedicated channel strategy helped Apple to grow in India," Pathak said.

According to Counterpoint Research, Apple was the fastest growing brand in Q3 2021 with 212 percent year-on-year (YoY) growth and led the premium smartphone market (> Rs 30,000) with a 44 percent share. The brand maintained its leading position in the ultra-premium segment (> Rs 45,000 or $650) with a 74 percent share. Strong demand for the iPhone 12 and iPhone 11 were the major factors in Apple’s growth, the research firm added.