Tim Cook stepped down as Apple's chief executive on September 1, ending an 11-year tenure marked by rapid growth in revenues and market value. According to reports from How India Lives, while much of Apple's success under Cook came from scaling existing businesses, India stands out as one of the few major bets that took shape entirely during his tenure. When Cook took over as CEO in 2011, just over four years after the first iPhone was launched, India remained a relatively small market for Apple. Growth began accelerating after 2020, with Cook expressing strong enthusiasm during Apple's April earnings call, stating he was "net-net over the moon excited about India." Cook's successor, John Ternus, will make his debut as CEO on September 9 at Apple's first major product keynote, marking a significant transition in Apple's leadership. As reported by Mint, Ternus was not a surprise choice given his 25-year tenure at Apple since 2001 and his role as senior vice-president leading all hardware engineering, which drives three-fourths of Apple's $416 billion annual revenue.
According to International Data Corporation (IDC), roughly one in every ten smartphones sold in India has been an iPhone, though Apple is not among the top three smartphone brands by volume. However, Apple leads in value, with Counterpoint Research estimating that Apple accounts for 28% of the smartphone market by value, making it the market leader despite its modest unit share. As reported by How India Lives, Apple increased its focus on India under Cook's leadership, with the company clear that it would not chase volumes through low-cost devices. In an interview with The Hindu in 2016, Cook emphasized their long-term horizon, stating "We are in India for the next thousand years."
Growth acceleration after 2020 was driven by two main factors. According to Counterpoint Research, nearly two-thirds of all premium smartphone purchases (priced above ₹30,000) in India were financed. Apple has actively supported this trend through partnerships with banks that offered credit card discounts to make devices more accessible. The company strengthened its distribution network by opening its first company-owned stores in BKC in Mumbai and Saket in Delhi in 2023, both inaugurated by Cook. The network has since expanded to six stores, while sales volumes came from Apple's broader retail strategy including e-commerce platforms, Apple premium resellers, large-format retail chains, and multi-brand outlets.
During Cook's first visit to India as CEO in 2016, he met Prime Minister Narendra Modi and discussed local manufacturing possibilities. A year later, Apple began assembling the iPhone SE at a contract facility in Bengaluru. By 2025, India was producing an estimated 55 million iPhones annually, about a quarter of Apple's global output. Three factors drove this shift: the Indian government's encouragement through high import duties and the Production-Linked Incentive (PLI) scheme, Apple's desire to reduce dependence on China due to rising tariff risks and supply-chain disruptions, and India's growing importance as a market. As Cook acknowledged during a 2024 earnings call, "From a pragmatic point of view, you need to produce there to be competitive."
Apple has demonstrated strong financial performance since its last major event. According to Upstox, Apple added $1.25 trillion in market capitalization since the last Apple Day event on September 9, 2025, bringing its total market cap to $4.6 trillion from $3.5 trillion in the same month last year. The company's latest quarterly revenue surged above $109 billion, up 16% YoY from $94 billion in Q3 of FY25, while EPS surged 29% YoY from $1.57 per share to $2.02 per share for the same period. Apple shares traded 1.4% lower at $311 per share ahead of the September 9 event, with the stock closing 1% lower on Tuesday amid broader market selloff. The company held the second spot in the global smartphone market with over 20% market share as of Q2, and holds more than 65% market share in the premium smartphone segment in the first half of 2026 with its iPhone 17 lineup.
