Apple is looking to expand its market share in India, Barron’s reports.
India’s middle class is exponentially growing, fueling a demand for Western standards of living and luxuries. Apple products, especially iPhones, maintain a cachet of luxury across the world. Apple products are very expensive in much of the world, due to import tariffs, a strong dollar, and low salaries compared to American ones.
According to Woodring, Apple’s revenue from India should reach $40 billion over the next decade—and by 2032, he thinks India will account for 10% of the world’s Apple users. Woodring contends that India will be as important to Apple over the next five years as China was over the past five.
The Indian economy is set to surpass the United States’ by 2075, due in large part to its ever increasing population. Back in April 2023, India surpassed China in population total, making it the largest country in the world.
India’s political system is broadly democratic, meaning it is open to American and Western imports without major accommodations, as is the case with China. This increased importance on India can also be seen by the US Military’s renaming of the “Pacific” Command to “Indo-Pacific” Command.
