Apple is strengthening its foothold in India’s burgeoning tech market with the opening of a new retail store in Bangalore on September 2nd. Located within the prestigious Phoenix Mall, this marks Apple’s third store in the country, following successful launches in Mumbai and Delhi.
The expansion underscores Apple’s strategic commitment to a key growth market, where its products, while still considered premium, are gaining traction.
CEO Tim Cook’s attendance at the previous store openings highlights the significance Apple places on the Indian market. While iPhones currently hold a modest 5% share of India’s vast smartphone market (over 700 million users), the sheer size of the population presents immense potential for future growth.
Apple’s fiscal year 2024 saw a remarkable 30% increase in Indian revenue, reaching $8 billion, primarily driven by iPhone sales.
To further penetrate the market, Apple has implemented several initiatives to make its products more accessible to Indian consumers. These include collaborations with banks to offer interest-free installment plans, student discounts, and personalized engraving services. These strategies aim to address the price point, a key barrier to entry for many potential customers.
This retail expansion coincides with Apple’s broader manufacturing shift towards India. Driven by geopolitical factors such as the China-US trade war and past Covid-related disruptions, Apple is significantly increasing its iPhone production capacity in India.
Currently, India produces over 20% of all iPhones globally, with all four models of the upcoming iPhone 17 series already being manufactured domestically ahead of their launch next month.
