Despite a mixed bag in the earnings department and some troubling supply chain issues, Apple CEO Tim Cook remained upbeat about the company’s growth potential – especially in India, where sales rose 50 percent from a year earlier.
Though the Indian smartphone market is the second largest in the world after the United States, iPhones cost more than $600, hundreds more than cheaper brands. According to International Data Corporation, Samsung has a 25 percent share of the market, and Indian vendors have found $150 or less to be a sweet spot for sales
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.But Apple is looking at the long term. Cook is betting on India’s burgeoning middle class, improving infrastructure, and his company's past success at getting young consumers hooked on its products.
Over the last 5 years, India’s GDP grew at a 7 percent annual rate, and strong growth is expected to continue. Nearly 50 percent of India’s population is under the age of 30.
(reuters.com)
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