1.34 Billion Reasons to Buy Apple Stock
India is the second-most-populous country in the world, counting nearly 1.34 billion people as citizens, trailing China's population of almost 1.4 billion by a small margin. Not surprisingly, global companies are competing hard for a portion of India's substantial private consumption expenditure pie, which was reportedly worth more than $460 billion in March this year, according to database provider CEIC.
Apple (NASDAQ: AAPL) is one of the many companies that have been trying to crack the Indian market for a long time now, albeit with mixed results. The iPhone is still a bit player in the booming Indian smartphone space despite being in the country for many years. Apple reportedly held just 4% of India's smartphone market in the fourth quarter of 2020.
However, there are signs that Apple's fortunes in India are changing thanks to a series of smart steps, as well as the huge opportunities afforded by the upwardly mobile population that's getting exposure to new technologies. India's massive population presents a huge revenue opportunity for Apple across various device categories, and the good part is that the company is already on track to take advantage of it.
Source Fool.com
