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 is reportedly nearing $6 billion in sales in India
Apple Inc. has hit a record high sales of nearly $6 billion in India in the year through March, according to a Bloomberg report, citing an anonymous source. The report further adds that the company’s revenue in India grew nearly 50% from the previous year’s figure of $4.1 billion

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."

Apple now makes almost 7% of its iPhones in India
Tech giant Apple has increased its production of iPhones in India to nearly 7%, according to Bloomberg. Last fiscal year, the company reportedly assembled more than $7 billion worth of iPhones in India, a significant jump from the estimated 1% of iPhones produced in the country in 2021. Apple expo…

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.