Apple has applied to set up its own stores in India, as the iPhone-maker looks to tap new opportunities and expand in one of the world's fastest growing smartphone markets. Apple has filed an application with India's Department of Industrial Policy and Promotion to open its own stores.

Apple's plan for expansion in new markets come at a time when concerns about slowing growth in the United States and China have weighed on the company's stock in the last few months.

For years, India has been a low priority market for Apple as spending power is weaker than in China.

India is likely to overtake the United States to become the world's No. 2 smartphone market in 2017, according to research firm Strategy Analytics. The local smartphone segment is dominated by Samsung Electronics and India's Micromax.