Apple eyes India as major market in the years to come.
By Sreekanth A. Nair
Apple suffered a revenue drop this year after iPhone unit sales fell nearly 16 percent from 61.2 million units last year to 51.19 million this year. This was the first instance since 2003, where the company suffered a revenue fall.
Apple has been trying to push its sales in different markets through various measures. Being one of the most important potential markets of Apple, the tech major is keen on India and is trying to develop its base in the country.
According to a Reuters report, Apple CEO Tim Cook is likely to visit India this week and meet Prime Minister Narendra Modi.
In his first official visit to the country, Cook will arrive in India on Tuesday, reported Reuters. He will also visit China, which is another big market for Apple.
Recently the Cupertino-based technology giant had invested a whopping $1 billion in the Beijing-based Chinese transportation network company Didi, giving it the backing to challenge Uber Technologies.
Though Apple has suffered a revenue loss, the growth rate of the Cupertino-based company has been stable in India with an increased shipment of 56%, making it the second fastest growing smartphone vendor in the market.
Cook’s visit comes at a time when Apple is planning to set up its first retail outlet in India. Earlier this month, the Indian government rejected a proposal of Apple to import refurbished iPhones to India, citing that importing used mobile phones is against the anti-dumping laws existing in the country.
Though India is the third largest market for Apple, the company is facing a setback in the country due to slow networks and informal retail structure.
“But I view India as where China was maybe seven to ten years ago from that point of view, and I think there’s a really great opportunity there,” Apple CEO Tim Cook said recently.