The dynamic ambitions of Indians for luxury are assisting premium businesses such as Apple in gaining a competitive advantage. According to Apple CEO Tim Cook, the company’s business in India more than quadrupled during the fiscal year ending September 2021.
The CEO did not elaborate on the aspects that aided Apple’s noteworthy rise in India. He did, however, mention that Apple “increased their business by double digits in every geographic group, setting September quarter records in both established and emerging countries.” Every product category and geographic region established new yearly sales records and increased by at least 20% over fiscal 2020, said Apple’s chief financial officer Luca Maestri
Despite the growth in India, the company, owing to the supply constraints due to Covid-19 missed Wall Street expectations. Apple said that it generated quarterly revenue of $83.4 billion (roughly Rs. 6,23,800 crore) in the fourth quarter that ended September 25.
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While the company did not provide much detail, it did state that it surpassed two million shipments for the first time in the July-September quarter. During this period, it was the fastest-growing smartphone brand, with a year-over-year growth rate of 212 percent and a 44 percent market share in the premium smartphone market.
While reflecting on the causes for Apple’s rapid rise, Faisal Kawoosa, CEO of analysis company techARC, stated, consumers saved money during Covid-19 by cutting back on non-essential spending throughout the year. Then their attitudes shifted, and they purchased aspirational items rather than necessities. Apple’s growth was also fueled by strong demand for the iPhone 12 and iPhone 11. According to Counterpoint Technology Market Research, Apple has surpassed Samsung as the top 5G smartphone brand in the premium market for the first time.
