Apple India to open 4 new stores in these cities
Apple, the world's leading company by market valuation, has announced plans to expand its retail presence in India with the addition of four new stores. The company is set to establish these outlets in Bengaluru, Pune, Delhi-NCR, and Mumbai. This move follows the successful launch of two Apple stores in Mumbai and New Delhi last year. Deirdre O'Brien, Apple's senior vice president of retail expressed her excitement about this expansion but did not disclose specific timelines for the store openings.
Apple begins domestic production of iPhone 16 Pro models
In addition to its retail expansion, Apple has also started domestic production of its entire iPhone 16 lineup, including the Pro models. The company began manufacturing iPhones in India in 2017 with the SE model. The made-in-India iPhone 16 Pro and Pro Max will soon be available for local customers and for export to select countries worldwide. This move is part of Apple's strategy to diversify its production away from China and tap into India's growing smartphone market.
Apple's iPhone production in India progressing slower than expected
Despite these developments, JP Morgan analysts have noted that Apple's shift of iPhone production to India is progressing at a slower pace than previously predicted. The bank now anticipates that by 2027, 20-25% of iPhones will be manufactured in India. This is a revision from their earlier forecast for 2022 which projected reaching this level by 2025. Currently, iPhone production in India is estimated to account for about 10-15% of total output.
Apple's business in India shows significant growth
Apple's business in India is also experiencing significant growth. The company's revenue in India surged by 42% year-on-year in 2023 to $8.7 billion, according to Morgan Stanley. iPhone shipments in India rose by 39% year-on-year in 2023 to reach a total of 9.2 million units, making it the fifth largest smartphone market for iPhone. IDC predicts that Apple will ship between 12 and 12.5 million iPhones in India this year, marking a growth of around 25% over last year's figures.
