Apple’s growth story in India is moving into a stronger phase, driven by rising iPhone demand and a rapidly expanding ecosystem of MacBooks, iPads and AirPods. Analysts expect Apple to sustain strong double-digit growth in India for the next 3–4 years, supported by an expanding retail network and a wider manufacturing footprint.
iPhone Market Share Rising Fast
Apple already commands 9% volume share and 28% value share in the Indian smartphone market. Analysts believe that the next wave of growth will come from deeper penetration in Tier-2, Tier-3, and smaller cities, where iPhone demand has risen sharply.
The company’s India revenue climbed 18.26% in FY25 to ₹79,378 crore, compared to ₹67,121 crore in FY24, according to RoC filings. Net profit also rose 16.4%, reaching ₹3,196 crore.
Analysts expect FY26 and FY27 to deliver similar growth, driven by strong device demand and an expanding product ecosystem.
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Growing Installed Base and Ecosystem Strength
Tarun Pathak, Research Director at Counterpoint, said that Apple’s installed user base has expanded sharply, helping the company maintain momentum even as the market gets competitive.
He added that India is now Apple’s third-largest market globally, and despite having a 9% market share, the company remains the number-one brand by value in the handset segment.
Users are buying deeper into Apple’s ecosystem, with rising adoption of MacBooks, iPads, and AirPods, further strengthening the company’s position.
Offline Retail Expansion to Boost Sales
Apple is aggressively expanding its retail presence in India. The company will open a new flagship Apple Store in Noida this December, after recently launching outlets in Bengaluru and Pune. It has already opened stores in Mumbai and Delhi.
Premium resellers are also scaling up, helping Apple reach more customers in smaller cities. Analysts noted that festive demand was strong, and offline growth is accelerating.
Record India Revenue in the September Quarter
Apple achieved its highest-ever India revenue for the September quarter, contributing to its strongest global results, with total sales hitting $102.5 billion. The quarter also marked 14 consecutive quarters of record iPhone sales in India.
CEO Tim Cook highlighted this strength, stating that Apple set both a September-quarter record in emerging markets and an all-time revenue record in India.
Manufacturing Push Gathers Pace
Apple’s manufacturing expansion in India is moving rapidly through its unit Apple Operations India Pvt. Ltd. (AOIPL), set up in 2023. This entity handles engineering equipment procurement, facility leasing, R&D hardware activities, and failure analysis.
Sources said that AOIPL reflects Apple’s deepening commitment to India’s manufacturing ecosystem, which is now in its second year and scaling fast.
More than 45 suppliers are part of Apple’s India supply chain, concentrated largely in southern India due to skilled labour and established components infrastructure.
Several partners are expanding operations:
TD Connex plans a ₹200 crore investment to expand its component facility.
Yuzhan Technology has begun exporting display modules assembled in Tamil Nadu.
Aequs has started trial production of MacBook enclosures and Apple Watch components.
Apple is also sourcing more manufacturing machinery locally. About 35 companies build such machinery in India, with nearly half supplying Apple.
Stronger Secondary Market and Younger Buyers
The secondary market for refurbished and second-hand iPhones remains strong. Industry sources noted that younger consumers — some as young as 11 — are entering the Apple ecosystem, often buying an iPhone as their first personal device.
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