Apple Inc's Chief Executive Officer Tim Cook recently credited the company's growth in emerging markets such as India to the rise in iPhone sales this quarter.
The company gained market share from Android phones and set sales records in countries across South Asia, Latin America and the Middle East. For example, in China, Apple saw an increase of 1.5% to $51.3 billion in iPhone sales, despite a 13% drop in global smartphone shipments.
Apple recently opened its first two retail stores in India, in Mumbai and Delhi, with Cook stating that the Asian country is "at a tipping point" and that there is "a great opportunity" for Apple in the country. Although Apple does not disclose revenue for India, the company's percentage growth was "in very strong double digits year-over-year."
Selling an iPhone in emerging markets such as India is more than just the sale of one device for Apple, as it represents the chance to get consumers hooked on Apple devices and services over time. Cook said he saw opportunities for Apple in India in services, but that average revenue per user would take time to catch up to Apple's other markets.
The emergence of a booming market for used iPhones has also contributed to Apple's market share in both emerging and developed markets. Sales of refurbished iPhones globally rose 16% in volume during 2022, with India leading the growth with a 19% jump.