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Apple's local value addition has improved significantly, now estimated between 15-20% depending on the model
Domestic production has also seen a dramatic increase, rising nearly 46% year-on-year to reach $17.5 Bn (INR 1.48 Lakh Cr)
Apple recorded exports worth $9 Bn, which accounted for approximately three-fourths of its domestic manufacturing output valued at $12 Bn
Apple has surpassed INR 1 lakh Cr mark in iPhone exports from India in 2024, with total shipments reaching a record $12.8 Bn (around INR 1.08 Lakh Cr), as per ET’s report.
This represents a 42% increase compared to the previous year.
Apple’s local value addition has improved significantly, now estimated between 15-20% depending on the model. This is a substantial increase from just 5-8% when the Production-Linked Incentive (PLI) scheme was first implemented.
Domestic production has also seen a dramatic increase, rising nearly 46% year-on-year to reach $17.5 Bn (INR 1.48 Lakh Cr). This growth underscores Apple’s commitment to establishing a robust manufacturing base in India, which is now its second-largest iPhone production hub after China.
In 2023, Apple recorded exports worth $9 Bn, which accounted for approximately three-fourths of its domestic manufacturing output valued at $12 Bn.
Apple’s growing influence in India’s manufacturing sector and the effectiveness of government policies like the PLI scheme were said to be instrumental in this growth.
Apple’s success is part of a larger trend where electronics exports from India have surged, with iPhones playing a pivotal role in this growth.
It is pertinent to note that Apple has been looking to double down on its capacities in India, be it manufacturing or on the retail front.
Last month, it was reported that India is set to be Apple’s third largest market by 2026, after China and the US.
With India growing disposable income and propensity to buy Iphones, the company has begun manufacturing its entire iPhone 16 lineup in India while also planning to open four more retail stores across major cities by 2025.
Further bolstering the manufacturing efforts, Apple recently set up a new subsidiary called Apple Operations India, aimed at research, design, testing and providing support to third party manufacturers.
However, the company has been alleged of violating the competition law in the country. Recently, CCI also decided to continue its investigation into Apple, rejecting the company’s request to halt a probe report accusing the tech giant in violation of competition laws.
