Analysts also said the Cupertino-based tech giant could also rank in India’s top five in terms of the number of phones sold, a major feat for high-priced smartphone makers, which began selling its phones in the country in 2008.
According to regulatory filings from the Department of Corporate Affairs (MOCA), the company’s $15 billion revenue in fiscal 24 will be estimated to be twice the $7.9 billion it received in fiscal 24. To be sure, the FY24 figure is based primarily on its 2023 sales. While it has been anticipated for its FY25 filing (probably later this year), analysts expect it to report about $11 billion.
Of course, revenue will also include organically increasing the company’s iPad tablet sales, Airpods (headphones), and MAC desktop and laptop series. According to Counterpoint’s partner and director and partner of other products, Tarun Pathak is estimated to be 70% of Apple’s revenue from iPhones.
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Apple did not respond Mint Until the press time before the growth forecast for India.
A senior industry consultant asked to be anonymous, which helped the company’s career. Over the past year, Apple has signed deals with local technology services companies Wipro and Zoho to deliver Macs on its workstations.
All of this ensures Apple today’s strongest selling products today, not just the ecosystem of standalone devices, not just standalone devices, said Prabhu Ram, head of industry intelligence at market analysis firm CyberMedia Research.
“While the iPhone is the most obvious entry point for the company to enter the Apple ecosystem, the vast majority of them continue to buy AirPods, then maybe Apple Watch, and then, subsequently, to Apple’s tightly integrated subscription service,” Ram said. “In the long run, when they switched to buying a Mac or iPad, they created a long series of sales, which is completely different from most other tech brands in India.”
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Navkendar Singh, vice vice president of IDC India, agreed with the growth story, but also pointed out a warning. “At present, there are certainly enough growth rooms in India, but there is no doubt that the company will encounter glass ceilings at some point because we don’t see many organic new buyers joining the smartphone world,” Singh said. “We’re seeing smartphone space undergo a K-shaped recovery curve, which means there’s no demand at all in many segments.”
Number of phone calls
Meanwhile, the consensus among the three analysts – Cybermedia, IDC’s Singh and Counterpoint’s Pathak, noted that by the end of 2025, Apple could sell more than 15 million iPhones this year, and Apple could increase 8% or more in terms of its market share in terms of its volume.
According to these analysts, such a feat will help Apple to list the five smartphone brands in India by volume for the first time – currently, IDC’s data is at the top of pecking orders, with Chinese smartphone maker Vivo ranked sixth, and IDC’s data shows.
It would be a tough feat for Apple, one of the world’s most sensitive markets, as the technology giant’s equipment costs at least three times the average price of the market. According to analysts estimates, Apple sold 9.5 million iPhones in 2023, followed by 12.5 million last year.
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Then, there is one aspect of its market reputation, coupled with the increasing number of premium smartphones in the country. Patak says India is expected to cross a net activity base of 120 million “premium” smartphones – above shipping team prices ₹50,000 to 2028. “What we’re seeing here is that Apple alone accounts for nearly half of that premium market, which makes it a huge market that can continue to satisfy,” Pathak added.
What should India do
But while growing sales is good news, experts warn that India should make money on this opportunity, or in the long run, Apple and the electronics industry as a whole have a low value country.
IDC’s Singh said replacing China from the electronics supply chain may be difficult, but not impossible. “This is the opportunity for India, both to become a bigger market for Apple and to earn more revenue by increasing local value in iPhone sales,” he said.
However, the last point has not yet worked. While electronic manufacturers in India will increasingly manufacture components locally (including battery batteries, printed circuit boards (PCBs) and device molds, components are part of the net cost low-to-mid value project for manufacturing iPhones.
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Singh added: “The most expensive part of the iPhone is located in China and Taiwan, and is semiconductor chips and ‘OLED’ displays. Until localization, India will continue to maintain cost-driven large-scale assemblers for Apple’s cost-driven large assemblers, and Akin is a decade ago China-to-China representative.”
