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They see India accounting for 15% of Apple’s revenue growth and 20% of installed base growth over the next 5 years. Over the next 10 years, the Indian business can grow 7x to $40 billion on the back of the 170 million users.
“Despite being a market with great potential, India has accounted for only 2% of Apple’s revenue growth over the last 5 years, and represents just $6B of revenue today, significantly lower than China – a country with a similar population base – which has accounted for 18% of Apple’s growth in the last 5 years, and represents $75B of revenue today,” analysts said in a client note.
However, they expect this to change “as recent investments in brand awareness, local manufacturing, and affordability programs, combined with India’s economic boom and growing digitization, set the stage for India to become Apple’s next growth frontier.”
Overall, analysts argue that India will be just as important to Apple’s growth over the next 5 and more years as China was in the last 5 years.
Apple stock remains a Top Pick at Morgan Stanley.
