Apple's earnings in India surged by almost 42 percent year-on-year, reaching $8.7 billion last year, as reported by foreign brokerage firm Morgan Stanley in a recent analysis released on Friday.
The report highlighted a notable increase in iPhone shipments, which grew by approximately 39 percent to 9.2 million units in the same period.
Analysts noted that in the calendar year 2023, India accounted for 4 percent of iPhone shipments and revenue, a significant rise from 3 percent in the previous year and a substantial leap from 1 percent five years ago.
The report speculated on the potential for India to surpass China as a larger market for iPhones by 2027 if the current growth trajectory in India continues while iPhone shipments in China remain stagnant.
TechCrunch initially broke the news about Apple India's revenue performance in 2023.
Apple's CEO, Tim Cook, disclosed strong double-digit growth in the Indian market during the December quarter, achieving yet another record revenue quarter in the country.
Responding to queries from analysts, Cook emphasized that the Indian market had reached a record revenue quarter.
Despite India's smartphone shipments remaining unchanged at 152 million units in 2023, Apple managed to surpass the 10-million-unit mark in shipments and secured the top position in revenue for the calendar year for the first time.
In an effort to further incentivize mobile manufacturing within the country, the government reduced the import duty on components used in mobile phone manufacturing from 15 percent to 10 percent in January.
This policy adjustment is expected to encourage companies like Apple to expand their production of high-end premium smartphones within India.
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