Apple has reportedly assembled the new iPhones which are worth more than Rs 1 lakh crore in India in 2023, as India doubles the down on local manufacturing. As per the industry data, out of Rs 1 lakh crores, Apple exported iPhones which were worth around Rs 65,000 crores to other countries. However, according to industry sources, the actual market value of iPhones 15 series, which was manufactured/assembled in India could be much higher, depending on the taxes levied in other countries.
It was The Economic Times which reported on Apple’s manufacturing data in India. The tech giant's manufacturing in India is part of the goals set under the production-linked incentive (PLI) scheme.
Riding on the local manufacturing growth, mobile phone exports from the country have surpassed USD 9 billion (which is more than Rs 75,000 crore) from April to November (2023) in the current fiscal year, as per the India Cellular and Electronics Association (ICEA).
Led by Apple, India is set to cross USD 15 billion (more than Rs 1,24,000 crore) in mobile phone exports in the current fiscal year (FY24), posting a growth of 35 per cent over the last fiscal year.
Apple's revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 per cent to Rs 49,321 crore and net profit rising 76 per cent to Rs 2,229 crore which is the fastest growth of net profit for Apple which was witnessed in India in the last five years.
Driven by domestic manufacturing, Apple iPhones were set to garner around 7 per cent market share in the Android-dominated smartphone market in India in 2023.
The country is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts.
Mobile phone exports are anticipated to account for about 58 per cent of the overall electronics exports in FY24, compared to around 47 per cent in the previous fiscal year.
Apple is aiming to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China.
The tech giant aims to achieve the target within the next two to three years, with additional tens of millions of units planned after that, according to reports. If Apple achieves this target, India would account for a quarter of global iPhone production.
China remains to be the largest iPhone producer
China will remain the largest iPhone producer, a Wall Street Journal report mentioned in December.
From Apple to Foxconn, the companies are further aiming at leveraging domestic capabilities to achieve supply chain diversification and scale up production by manufacturing in the country.
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Inputs from IANS
