Greater China leapt past Europe to become Apple's second largest market in revenue terms during the January-March quarter, and analysts say it won't be long before the region surpasses the U.S. to become the tech giant's top market.
Apple's second-quarter revenue from Greater China – defined as mainland China, Hong Kong and Taiwan – totaled $16.8 billion, a whopping 71 percent year-over-year jump. This tops the revenue of $12.2 billion out of Europe, and closes in on the $21.3 billion made from the Americas.
While the U.S. remained the Apple's most lucrative market, more iPhones were sold in Greater China than its home market during the quarter – an important milestone for the Cupertino-based company.
This was driven by gift-buying for Chinese New Year, demand from upgraders and the expansion of Apple's retail network in Greater China, say analysts. The tech giant currently has 21 stores in the region, and plans to almost double its presence by mid-2016.