Apple Plans to Boost Production in India to $40 Billion in 5 Years
- ByStartupStory | September 25, 2023
Apple Inc. is gearing up to significantly increase its production in India over the next 4-5 years, aiming to reach a staggering $40 billion, according to undisclosed government sources. The tech giant has already achieved $7 billion in production in the last fiscal year. Apple is currently manufacturing iPhones in India and intends to begin producing AirPods starting next year.
An unnamed official stated that Apple currently has no immediate plans to manufacture iPads or laptops in India, and they are not participating in the IT hardware Production-Linked Incentive (PLI) scheme. However, it’s suggested that they might consider this at a later stage.
In the previous fiscal year, Apple reported global iPhone sales of $191 billion and $38.36 billion in sales for the wearable, home, and accessories segment. In the first nine months of the current fiscal year, iPhone sales reached $156.77 billion, with a minor decline in the wearable, home, and accessories segment at $30.52 billion. Apple has become India’s largest mobile phone exporter.
The launch of the iPhone 15 series witnessed a remarkable 100% growth in sales compared to the iPhone 14 series on its launch day. Apple recently released four models in the iPhone 15 series, with two variants, iPhone 15 and iPhone 15 Plus, manufactured in India. It’s worth noting that Apple made ‘made-in-India’ iPhones available for purchase on the same day they were launched globally.
According to Counterpoint Research, Apple has secured a dominant 59% market share in the ultra-premium smartphone segment (phones priced above Rs 45,000) in the first quarter of 2023. India has now become one of the top-five markets for the company.
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