In a recent earnings call, Apple CEO Tim Cook expressed optimism about the potential for iPhone sales in India, saying the country is at a tipping point with more people entering the middle class. Cook acknowledged that Apple has had a limited presence in India, but the company’s recent quarterly revenue record in the country suggests there is significant untapped potential.
“I’m seeing a lot of people enter the middle class in India,” Cook said during the earnings call. “I’m hopeful that we can convince some number of them to buy an iPhone.”
Apple has been facing challenges in the Indian market, where it has struggled to gain a significant foothold due to factors such as high import taxes and a preference for more affordable smartphones. However, the company’s recent record-breaking quarter in India suggests that its efforts to gain a foothold in the market may be paying off.
During the January-March quarter, Apple set a new quarterly revenue record in India, driven by strong sales of its iPhone 12 and 13 models. The company has also been expanding its retail presence in the country, with plans to open its first physical store in Mumbai later this year.
Cook’s comments suggest that Apple sees significant potential for growth in India as the country’s middle class continues to expand. According to a report by the Pew Research Center, India’s middle class is projected to grow from 8% of the population in 2011 to 34% by 2021.
The Indian smartphone market is also expected to continue to grow, with a report by Counterpoint Research predicting that smartphone shipments in India will reach 180 million units by the end of 2023.
Despite the challenges Apple has faced in the Indian market, Cook’s comments suggest that the company is committed to expanding its presence in the country and capitalizing on the potential for growth. As the Indian middle class continues to expand and smartphone adoption rates increase, Apple will likely be looking to tap into this growing market and cement its position as a leading player in the Indian smartphone market.
