APPLE
In the discussions around India’s long-term growth trajectory, the country’s digitalisation push is often touted as a key driver. Its smartphone market, which is the second largest in the world, is expected to triple from its current levels to $90 billion by 2032, according to global financial services provider Morgan Stanley. For believers in the India growth story, like Apple CEO Tim Cook, this is great news.
In 2017, during a quarterly earnings call, the Apple chief had said that he was “very, very bullish and very, very optimistic about India”. In the subsequent years, it seems that the Cupertino-based company’s India bet is paying off. For FY23, Apple’s India operations reported a 48% annual revenue growth, almost touching $6 billion. More importantly, the company’s market share is estimated to rise from 4.5% last year to 7% in 2023. If all goes well, the tech major would be able to rake in $10 billion annual revenue from India this fiscal. So, how did the world leader of expensive smartphones tap into the price-sensitive market of India?
Cracking the Premium Code
The average selling price (ASP) of a smartphone in India is now at $253, approximately Rs 21,000, which is a 12% rise from the same period last year, according to International Data Corporation. The data shows that it is the premium segment—above $600—that has been showing the most growth for the past few quarters. The smartphone market is evidently experiencing a premiumisation wave, although the ASP is low compared to global standards. Experts suggest that a key ingredient behind Apple’s success in India has been the Indian aspiration to own more expensive devices.
Esta historia es de la edición December 2023 de Outlook Business.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición December 2023 de Outlook Business.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 8500 revistas y periódicos.
Ya eres suscriptor? Conectar
DEMAND DRAFT
A new government, a new beginning. However, for industry leaders, it is a time of uncertainty as they wait and watch what policies the new dispensation will enact.
REBEL'S GUIDE TO SUCCESS WITH FOOD
Having started its journey in 2004 as a quickservice restaurant under the brand name Faasos, Rebel Foods, now a unicorn, aims to expand its footprint. Jaydeep Barman, co-founder of Rebel Foods, talks to Vinita Bhatia about the company’s growth plans, focusing on Tier-II and -III cities, licensing as a strategy and more. Edited excerpts:
NATURE BECKONS
When not busy at work, Naivedya Agarwal, co-founder and CEO of manufacturing start-up Runaya, indulges in activities that keep him close to nature, like wildlife photography, safaris, flying and holidays at beaches and the hills
Combining Minimalism and Material Responsibility for Timeless Furniture Pieces
Leading Furniture Industry with Inspiring Innovation, Sustainability, Customization, and Collaboration. EK Designs creates designs with honesty and transparency upholding the strict quality norms.
Participation Over Dictation Leads to Excellence: Girish Avansta
Accellor's innovative Al-backed designs are a result of the whole-hearted participation of every employee
Leading the Charge in Digital Transformation by Pioneering the Future of Enterprise Automation
Areteans is Revolutionizing Business Automation and AI Integration
Recognizing MSME Excellence and Charting the Future: Insights from Outlook Business Spotlight Awards 2024
MSMEs are the \"unsung heroes who keep our industries humming and our dreams soaring.
"Sustainability is an Essential Component of Lubrizol's Corporate DNA"
Bhavana Bindra, Lubrizol's dynamic Managing Director, shares her views on sustainable growth and Lubrizol's impact in India.
Modernizing Mobility: India's Need For A Smarter And Sustainable Passenger Transportation Solution
India is at the forefront of a transformative wave of urbanisation. To combat climate change and urban pollution, upgrading infrastructure and embracing sustainable mobility, particularly in efficient mass transportation systems is an imperative.
Bank Imbalance
As investors turn to more lucrative options, banks in India are seeing sluggish growth in deposits. With a limited arsenal to compete with high returns available elsewhere, they are struggling to balance deposits with the amount of loans they are handing out