Apple just might achieve $1 billion revenue from the Indian market for the fiscal year of 2014-15, according to a report.
The report states that Apple has sold around 1.3 million phones in India as compared to previous years 9.28 lakh units, which is a growth jump of 42 per cent. Apple has managed to triple its revenue from what it was able to achieve three years back.
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The company has not filed its revenues with the Ministry of Corporate Affairs yet but the estimate is calculated in accordance with the sales that were achieved in the previous fiscal year.
In the previous years Apple did not focus much on the Indian market but with time the company has grown manifold and now India is one of its most important revenue generators for Apple Inc.
The company's latest flagship devices, the iPhone 6 and the iPhone 6 Plus have been the main propellers of the company's sales. Despite the high price point the company is able to perform well due to the easy financing options available to most consumers.
"Considering the price points and last year's launches, Apple is doing better-than-expected numbers in India," said Shiv Putcha, associate director and consumer mobility lead for Asia Pacific in technology research firm International Data Corporation (IDC).
India comprises just one per cent of the global sales but still, the rate at which the brand is gaining market in India and the growing number of smartphone users, the country will soon be a major market for Apple.