Apple will see India become its third largest market globally by 2026, overtaking giants like Japan and the UK, according to a report by Counterpoint Research.
What to know: The year 2023 marked a major milestone for Apple in India, with iPhone shipments exceeding 10 million for the first time and clinching the top spot in revenue generation.
Notably, iPhones manufactured in India accounted for 13% of global shipments in 2023, a massive jump from just 1% in 2018. Apple’s increasing brand affinity in the country contributes to this boost, positioning India as the tech giant’s fastest-growing market in the upcoming years.
See also: Apple Is Now India’s Largest Blue-Collar Job Creator
What’s next? Looking ahead, Apple’s services segment is on track to constitute a quarter of its total revenue by 2025, with expectations of surpassing the $100 billion mark annually. The Apple ecosystem, powered by an installed base exceeding two billion devices, continues to thrive, with offerings like the Apple Store, Apple Care+, and the AppleOne subscription driving revenue.
Launched in 2023, Apple One is projected to play a major role in boosting Apple’s service revenue, highlighting the iPhone’s critical role within Apple’s ecosystem. As Apple makes inroads into emerging markets, the demand for iPhones is not only bolstering its sales but also paving the way for growth across Apple’s product lineup, enticing new users into the iOS ecosystem.
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