Apple CEO Believes India At A "Tipping Point," Mighty Impressed By Market's "Vibrancy"

Tim Cook, the chief of Apple Inc, highlighted India's importance on Thursday (4 May) as a crucial market and production base, emphasising its potential for growth.

Cook and his team mentioned India about 20 times in a conference call after Apple posted record sales for the March quarter in the country.

The company's increasing dependence on the Indian market to drive growth was evident, especially as Cook had presided over the opening of Apple's first two Indian retail stores just last month.

Cook expressed his belief that India is at "a tipping point" with an increasing number of people entering the middle class.

He was impressed by the vibrancy and dynamism of the market, as he told analysts on the call.

Apple aims to bolster sales in India, where a growing consumer market and increasing incomes present opportunities for expansion, while smartphone sales in other regions of the world plateau.

Although Apple does not disclose revenue figures specifically for India, Bloomberg News revealed that the iPhone maker generated around $6 billion of sales in the country between March 2019 and 2020.

With the ongoing tensions between the United States and China, Apple is reportedly looking for ways to reduce its reliance on the Asian country. One of the ways is to tap into a vast labour pool.

While most of its iPhones are currently made in Chinese factories, Apple's long-time partners have quickly added assembly lines this past year.