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12:40 AM EDT, 04/17/2023 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
This week, AAPL opens its first two retail outlets in India as it looks to unlock growth in the promising region. We view India as a similar opportunity to China 15 years ago and see a greater retail footprint along with the natural wealth effect over time supporting higher revenue (volume/ASPs) in the region. AAPL"s overall share of smartphones in India for 2022 was less than 5% (iPhone 13 the best selling phone in Dec-Q), with Samsung and China players dominating the market. India is also seen eclipsing China as the largest global population this year (UN projects India at 1.429B vs. 1.426 for China by year-end), with the U.S. dwarfing both (340M). Although the India market declined in 2022 (-9%), AAPL grew 16% but still represents less than 4% of AAPL"s total iPhone revenue base. We think India could grow to a size beyond China over the next decade and, importantly, expect AAPL to strategically increase its manufacturing presence in the region (growing to about 25% in five years from about 7%-8% today).
