Apple is preparing to storm a large promising market

Apple has one cure for the gloom in the tech sector.

The iPhone and iPad maker has not been spared by global economic uncertainty, which has wiped out tech stock prices.

In 2022 Apple (AAPL) – Get a free report market value has evaporated the most, even more than e-retail and cloud giant Amazon. (AMZN) – Get a free report. To be precise, the Cupertino, California-based company lost $846.34 billion in market value last year. Amazon, for its part, faced an $834.06 billion drop in its market value.

In addition to questions about the state of the global economy, the stock market crash of the world’s largest company is also related to its problems with the supply of iPhone 14 amid new restrictions imposed in connection with COVID-19, which were announced in China.

Investors fear that consumers, faced with an economic downturn, will postpone or abandon plans to buy new iPhones or other brand products.

A dozen positions placed in a key market

The company appears to have found a springboard for growth in the form of the upcoming Apple Store opening in India, the second largest smartphone market in the world after China.

The company, led by CEO Tim Cook, just posted a dozen job openings for Apple stores in “various locations across India.”

Roles offered range from Store Leader to Genius, Store Specialist, Senior Manager, Technician, Market Leader, Operations Expert, Business Professional, Creative. , “Business Expert”, “Manager”.

“Your job as a store leader is to build and manage the various teams that engage customers in this dynamic environment,” reads the store leader job summary.

The role of In-Genius, which many people who have visited the Apple Store are familiar with, is even clearer: “At the Apple Store, whether you work full-time or part-time, you keep customers trusting Apple. as a qualified product troubleshooter and repairer,” the LinkedIn description reads.

In less than 24 hours, Apple received more than 200 applications for the role, according to LinkedIn. How many people Apple will hire for all these roles is unclear.

Apple has not disclosed the cities in which it intends to open Apple Stores, nor how many. But on LinkedIn, the group says they are looking for In-Genius in Mumbai and New Delhi. Many experts say the flagship store will not open in Mumbai until March at the earliest.

The Financial Times was the first to report job openings related to the Apple Store in India.

Apple did not immediately comment.

India seeks to become an alternative to China

Apple had to work hard to get to India. It planned to open its first physical store in the country right after launching an online store in 2020, but this was delayed until 2021 and then 2022.

India had strict requirements for foreign companies, which prevented Apple from having a significant presence in the country. The iPhones had to be made in India, and 30% of the goods sold in stores had to be made there as well. This last requirement has been dropped as Apple has begun local production of the iPhone.

Building Apple in India is a big plus for a company that wants to be less dependent on China. Thus, Apple can consolidate its handset operations in a country where they are still very small.

Bloomberg Intelligence estimates that around 3 million iPhones were manufactured in India in 2021, compared to 230 million in China. Apple’s contract manufacturers manufacture iPhones in factories in southern India.

Everything will change. Last year, Apple broke with tradition by producing the iPhone 14 as soon as it was introduced.

In addition, Apple suppliers could benefit greatly from expanding their operations in India, where the government of Narendra Modi is promoting itself as an alternative to China.

India’s manufacturing-related incentives offer subsidies ranging from 4% to 6% of manufacturing costs for five years, subject to certain criteria being met.

“Government efforts to reshape the supply chain and turn India into a manufacturing hub with constant political interference in the form of PLI schemes have helped the country attract major global players across the value chain,” said Priya Joseph, an analyst at Counterpoint Research.

“In addition, the government is actively pursuing the goal of increasing local value added from the current 17% to 18% and up to 25% in the near future.”

Apple can also count on its local partner Tata Group for very rapid development in the country.

By opening physical stores in India, Apple will become more visible in the country. This visibility could allow it to increase its market share, which currently stands at just 5%. (However, the iPhone is the leader in the premium phone segment.)

According to Counterpoint Research, the Indian market has seen steady growth over the past five years, aside from the COVID-19 outbreak in 2020. The market is predicted to grow by 10% in 2023 and reach 175 million units.

“A large installed base, the transition from phone to smartphone with features, local production of smartphones, supply chain development and the emergence of new use cases will continue to grow in the market in the long term,” explains the firm.

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