Apple Inc. assembled $14 billion of iPhones in India doubling the production from the last fiscal year. This comes as the government tries to implement business-friendly policies to attract more business in India especially manufacturing business, to make India a manufacturing hub ahead of China.
The Bloomberg report said that the US tech giant makes as much as 14% of its marquee devices in India.
Apple’s Growth in India
Apple’s revenue in India had grown nearly 42% last year to $8.7 billion, Morgan Stanley reported. iPhone shipments grew by 39% to 9.2 million units.
“In CY23, India represented 4 per cent of iPhone shipments and revenue, up from 3% in CY22 and 1% 5 years ago”, said analysts in the report. “If India continues to grow at the same trajectory while China iPhone shipments stay flat, India would be a bigger iPhone market than China by 2027,” it added.
Government policies “have helped companies such as Apple to expand production in India,” technology minister Ashwini Vaishnaw told Bloomberg News after the report. “We will build on this momentum and are committed to a stable and transparent policy regime that’ll turn India into a globally trusted manufacturing hub.”
Foxconn Technology Group assembled nearly 67% of India-made iPhones in the fiscal year ending 2024. The remaining iPhones were made in Wistron Corp’s plant in southern Karnataka state, which the salt-to-software conglomerate Tata Group took over last year. Tata plans to build one of the country’s biggest iPhone assembly plants.
Apple’s India expansion
Last year on the 18th of April, Apple set to launch its first retail store in BKC, Mumbai. The store was opened at Reliance Jio World Drive Mall in Bandra Kurla Complex. This launch shows the growth of Apple in India and the growth of its Indian market. Apple also moved more assembling plants in India promoting domestic production.
Apple market in India and Apple users have grown in India and continue to grow. Despite the high prices and high premiums charged by the company, the Indian market keeps growing and will keep growing.