India’s iPhone Exports Surpass Rs 1 Lakh Crore, Fueling Apple’s Growth
Apple’s iPhone exports from India have reached a new milestone, surpassing Rs 1 lakh crore ($12.8 billion) in 2024. This significant growth comes on the back of increased local value addition, now ranging from 15-20%, and a nearly 46% rise in domestic production, which totaled $17.5 billion. In comparison, Apple’s iPhone exports from India were valued at $9 billion in 2023, contributing significantly to the company’s overall domestic manufacturing.
The production and export numbers are based on the freight-on-board (FOB) value, which is typically around 60% lower than retail prices. Apple’s local value addition has seen a substantial increase, growing from 5-8% at the time of the launch of the Production-Linked Incentive (PLI) scheme to 20% for certain models, as the company diversifies its supplier base in India.
With the continued momentum, Apple is projected to reach $30 billion in annual production in the coming years, potentially increasing India’s share in the global iPhone production ecosystem to over 26%. Additionally, Apple’s retail sales are set to rise, with iPhone sales expected to grow by 20% in 2025, reaching 15 million units in India.
Source: VARINDIA
