Apple's production and export growth is fastest of any company in India in last 50 years: Report
iPhones worth about ₹1.35 lakh crore were exported in 2023-24 to Europe, the US, West Asia and other places. The export value was ₹66,000 crore in 2022-23
The value of Apple India's operations surged to over ₹2 lakh crore in the financial year 2023-24, compared to ₹1.15 lakh crore during the year before, the Economic Times reported, citing unnamed company officials, and adding that Apple has shown the fastest growth in production and exports of any company in the last 50 years in India.
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India currently contributes about 14% to Apple's overall production, according to the recent Economic Survey, which added that it used to be 7% the year before. Revenue from India was lesser than 2% of the company’s global revenue of $383 billion in the same year.
iPhones worth around ₹1.35 lakh crore were exported in 2023-24 to Europe, the US, West Asia and other places. The export value was ₹66,000 crore in the year before. Domestic sales meanwhile, was around ₹68,000 crore according to the report.
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Apple however, has a market share in India less than 6%, which was a rise from 2% in 2017-18. This is because the Indian market is dominated by Android phones from Chinese brands like Vivo and Xiaomi.
How did Apple's manufacturing in India increase?
Apple started manufacturing phones in India since 2021. This was the first time it manufactured outside China. The Indian government had announced the production-linked incentive (PLI) scheme for smartphones in 2020.
Apple has three contract manufacturers - Foxconn, Wistron and Pegatron. Tata acquired Wistron’s India facility late last year.
Among these, Foxconn operates Apple’s largest factory in India, which employs 41,000 people. However, the increase in manufacturing by Apple created over 150,000 direct jobs since 2021, according to the report.