Apple’s work in India is lastly starting to repay. The corporate’s income in India soared 42% year-over-year in 2023 to $8.7 billion, Morgan Stanley reported in a observe to shoppers on Friday.

Manish Singh for TechCrunch:
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The iPhone shipments in India grew 39% year-on-year in 2023 to 9.2 million items, making it iPhone’s fifth largest smartphone market. India’s iPhone enterprise is now bigger than any standalone nation within the European Union, Morgan Stanley added.

“Because of this in CY23, India represented 4% of iPhones shipments and income, up from 3% in CY22 and 1% 5 years in the past. This compares to China iPhone shipments, which represented 20% of iPhone shipments and income in CY23 (down 1-2 factors Y/Y, respectively),” the analysts wrote.

“Finally, which means India as a standalone market continues to be not large enough to offset the declines we’re seeing within the Chinese language market at present, but when India continues to develop on the similar trajectory whereas China iPhone shipments keep flat, India could be a much bigger iPhone market than China by 2027.”

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MacDailyNews Take: It bears repeating: “India’s iPhone enterprise is now bigger than any standalone nation within the European Union… [I]f India continues to develop on the similar trajectory whereas China iPhone shipments keep flat, India could be a much bigger iPhone market than China by 2027.”
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