Giant tech company Apple is set to open its first physical stores in India next week, as it seeks to boost retail sales of its products and its manufacturing activity locally.
The tech giant will open a store in Mumbai, the commercial capital of India, and one of the predominant port cities in the country, on the 18th of April and in the Indian capital Delhi on the 20th of April. Reports disclosed that Apple executives have been visiting India quite often, while noting that an unspecified but key iPhone enclosure quality executive has reportedly been relocated to India from China.
Apple’s plan to open stores in India underscores the company’s CEO Tim Cook’s bullish view on the country, which is the world’s fifth largest economy. The tech giant has just a 5% market share in India’s smartphone market, but Cook has long seen India as a potential area for growth.
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Cook during a February earnings call this year, had disclosed that he is very bullish on India, after observing the record iPhone revenues in the country, while noting that the number of regional iPhone users increased to double digits. In his words, “We’re bringing retail there and bringing the online store there and putting a significant amount of energy there. I’m very bullish on India. Apple is putting a significant amount of energy in India.”
Last year, Apple began assembling its flagship iPhone 14 in India, which was the first time Apple produced its latest model in India so close to its launch. The company is aiming to make 25% of all its iPhones in India. Apple intends to ship directly from India with the launch of the iPhone 15 series. This denotes the gradual growth of Apple’s supply chain.
Although Apple has only gotten a small number of orders for India made iPhone 15, reviews of the quality have been largely positive. Apple’s manufacturing push to the Asian country is coming as it seeks to reduce its reliance on China, where it currently makes the majority of its iPhones while diversifying its supply chain.
The tech giant currently produces more than 90 percent of iPhones in China, through factories owned by Taiwan-based Foxconn. However, frequent Covid lockdowns and worker protests at Foxconn’s major factories in China in 2022 led the company to reconsider its supply chain approach and accelerate its shift away from China.
According to a Bloomberg report, Apple made more than 6.5 million iPhones in India in 2022. Following 2023’s anticipated 10 million, unspecified sources reportedly involved in the process, estimate that 2024 will see 15 million iPhones.
Meanwhile, a JPMorgan analyst disclosed via a note that Apple could make 25% of all iPhones globally in India by 2025. The analysts expect Apple to move 25% of other product lines outside of China, which includes the Macbook, Apple Watch, Airpods, and iPad.
