Apple Achieves $5 Billion in iPhone Exports from India

By siliconindia  |  Wednesday, 11 September 2024, 11:22 IST

Apple Achieves $5 Billion in iPhone Exports from India
Apple has exported approximately $5 billion worth of iPhones from India during the April-August period of the current fiscal year, marking a significant 50% growth over the same period in FY24. This surge has been largely driven by the government's production-linked incentive (PLI) scheme, which has boosted manufacturing and exports.
Industry analysts anticipate a further increase in export value in the coming months, particularly with the production of the flagship iPhone Pro and Pro Max models set to begin. The festive quarter is expected to see a notable rise in demand and exports as the new iPhone 16 series becomes available in India starting September 20, accompanied by attractive financing and offers.
Union Railways and Electronics and IT Minister Ashwini Vaishnaw confirmed that Apple’s latest iPhone 16 is being produced and launched globally from Indian manufacturing plants. “Prime Minister Narendra Modi’s ‘Make in India’ initiative is now driving the creation of iconic products for the world”, the minister wrote on social media platform X.
iPhone exports from India continue to average around $1 billion per month, thanks to the PLI scheme. In the previous fiscal year (2023-24), iPhone exports from India surged to $12.1 billion, nearly doubling the $6.27 billion recorded in 2022-23. Apple's overall operations in India reached a total value of $23.5 billion in FY24.
The company is expected to see an 18% year-on-year growth in revenues in India by the end of 2024, with the iPhone 16 series playing a key role in solidifying Apple’s presence in the market and boosting its export figures.
In 2023, Apple sold nearly 10 million iPhones in India, and this figure is projected to grow to over 13 million units in 2024. To meet increasing demand, Apple’s iPhone factories in India are expected to hire over 10,000 people during the festive season. Apple aims to manufacture more than 50 million iPhones annually in India, further shifting production from China to the country. Key players in Apple’s manufacturing ecosystem, including Tata Electronics, Foxconn, and Pegatron, are among the largest job creators.

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