Apple is bringing iPhone production to India: Here are the top reasons why this is a big deal!
India is one of the fastest growing smartphone markets in the world, with almost half a billion people now having access to mobile phones. To capitalize on this massive growth opportunity, and to meet rising demand for its products in India, Apple has announced that it will be manufacturing iPhones in India . After years of anticipation, here are the top reasons why this is a big deal for Apple and for the Indian market as well.
Apple’s Business in India Is Still Growing When Apple launched the Indian version of its website in 2010, the company’s net sales in the country grew to $2 billion by the end of the year. A few years later, in 2013, Apple’s revenue from its business in India grew to $10.8 billion, which made up 15 percent of the sales from its Asia Pacific region. Even though Apple’s revenue in India has been on a steady increase for the past few years, it makes up a very small percentage of the company’s overall revenue. However, this may change with the production of the iPhone in India.
India Is a Top Market for iPhone Sales iPhone accounts for more than 56 percent of all smartphones in India, with more than 250 million units sold in the country. India is also the most profitable smartphone market in the world, with every $1 spent on iPhones generating $5.20 of profit. Moreover, iPhone sales in India have been growing at an impressive rate over the past few years, with over 250% growth in 2017. Apple’s decision to launch the iPhone in India may boost iPhone sales even further.
iPhone Production Will Create Thousands of Jobs Apple has confirmed that over 50,000 people will be employed by its manufacturing facility in India. The company has also said that it will invest $100 billion in India over the next few years. Moreover, the move will create jobs in other industries like transportation, logistics, and retail, which are likely to see huge gains in productivity .
The Bottom Line
Apple is an iconic brand with a strong presence in almost every country in the world. It is only natural that the company should enter new markets and expand its business in new ways. The iPhone launch in India is a move that will help the company continue to grow and expand its customer base. iPhone in India will surely be a game-changer for Apple.