While China has been Apple's darling for years, recent trends suggest a strategic shift towards high-growth emerging markets. Analysts point to CEO Tim Cook's recent comments in Apple's Q2 2023 earnings call, where he highlighted the 'strong double-digit growth' experienced in India. This shift in focus is further evidenced by Apple's aggressive retail expansion in emerging economies, including the opening of its first flagship stores in India.

Apple's performance in India exemplifies its emerging market strategy. The company reported a record-breaking quarter in India, driven by strong iPhone sales and the increasing adoption of Apple's services ecosystem. Furthermore, Apple's decision to prioritize local manufacturing in India has resonated well with consumers and policymakers alike.

Revenue Growth Comparison: Emerging Markets vs. Greater China

The chart below illustrates Apple's revenue trends in Greater China and emerging markets. While Greater China remains a significant market, the growth trajectory of emerging markets highlights their increasing importance to Apple's overall performance. (Note: This chart is for illustrative purposes only and does not reflect actual financial data.)

The growth of emerging markets is a significant tailwind for Apple's services business. As Apple expands its user base in these regions, it creates new opportunities to monetize its services offerings, such as Apple Music, Apple TV+, and the App Store.

"Fun Fact: Apple's App Store ecosystem has created millions of jobs across emerging markets, empowering local developers and entrepreneurs."