iPhone maker Apple on Tuesday opened its first-ever store in India at Mumbai’s Bandra Kurla Complex, underscoring its ambitious expansion drive in the country.
Spread over 20,000 square feet, the sprawling new store in Mumbai signals Apple’s deliberate pivot towards India as it seeks to expand its presence in the growing market which currently accounts for just 3% of its global share.
The Mumbai store opening will be followed with the launch of a similar facility in New Delhi’s Saket on April 20.
CEO Tim Cook, who is in India for the launch of the two stores, personally welcomed customers at the two-storey outlet.
The launch of the store also coincides with sales of Apple, the world’s largest company by market capitalisation, clocking a record high in India.
Here are the key numbers signalling Apple’s strong India push …
* Apple’s sales in India have hit a new high of almost $6 billion in the year through March. This, despite India accounting for just 3% of its global market share.
* The iPhone maker’s revenue in India grew by nearly 50%, from $4.1 billion a year earlier.
* For the year through March 2022, Apple posted sales of Rs 333.8 billion ($4.1 billion).
* Apple has tripled its production in the world’s fastest-growing smartphone arena after accelerating a move beyond China.
The US company now makes almost 7% of its iPhones in India through expanding partners from Foxconn Technology Group to Pegatron, according to a Bloomberg report.
* While the number may seem small, the growth has been rather impressive. Notably, India accounted for just 1% of the world’s iPhones in 2021.
* Apple’s suppliers Foxconn, Wistron and Pegatron employ some 60,000 workers in India, making models ranging from the aging iPhone 11 to the latest iPhone 14 in the country.
* Taiwan-based Foxconn has signed an agreement with the Karnataka government to set up a $700 factory in Bengaluru on 300 acres, off Doddaballapur. The new plant which will make iPhones is expected to create 1 lakh jobs.
* India’s mobile phone exports rose from Rs 45,000 crore in FY 21-22 to Rs 90,000 crore, underlining the vital role of this sector in India’s electronics export market.
* The mobile phone exports in India now account for 46 per cent of the overall electronic goods exports.
And here are some fascinating numbers about Apple Inc…
* Apple’s market cap is bigger than the GDP of as many as 25 countries in the world, including Ecuador, Libya and Iraq.
* Apple had over 140,000 employees around the world in 2022.
* According to some reports, Apple has more cash on hand than the US government. As per a report on Busines Chief in 2020, the US government had an operating cash balance of $73.8 billion and Apple had $76.2 billion in cash and marketable securities.
* Apple has sold over 2.2 billion iPhones since the first model was released in 2007.
* In 2023, Apple is projected to have a net worth of $3.3 trillion.