Industry data indicates that Apple assembled iPhones worth over Rs 1 lakh crore in India in 2023, as the country increases its focus on domestic manufacturing.
On January 9, industry sources revealed that Apple had exported iPhones worth about Rs 65,000 crore to foreign nations out of a total revenue of Rs 1 lakh crore.
However, depending on in other nations, industry sources claim that the actual market value of the iPhones made or assembled in India may be significantly higher.
India is expected to export more than $15 billion worth of mobile phones in the current fiscal year (FY24), driven by Apple. This represents a 35% increase over the previous fiscal year.
With sales up 48% to Rs 49,321 crore and net profit up 76% to Rs 2,229 crore, Apple’s revenue in India reached almost Rs 50,000 crore in FY23. This was the company’s fastest net profit growth in the previous five years.
In India, where Android smartphones predominate, Apple iPhones were predicted to take up about 7% of the market in 2023 thanks to homegrown production.
Thanks to significant investments from original equipment manufacturers, original design manufacturers, and component and part suppliers, the nation is currently the second-biggest hub for the manufacturing of mobile phones.
In FY24, mobile phone exports are predicted to make up roughly 58% of all electronics exports, up from roughly 47% in the previous fiscal year.
In an effort to move some production out of China, Apple plans to produce over 50 million iPhones in India annually.
Tens of millions more units are anticipated after that, as per reports, and the tech giant hopes to reach the goal in the next two to three years. If Apple meets this goal, 25% of iPhones produced worldwide will come from India.
According to a December Wall Street Journal report, China will continue to be the world’s biggest manufacturer of iPhones.
From Apple to Foxconn, the businesses want to increase production through domestic manufacturing and diversify their supply chains by utilizing domestic capabilities.