Apple has reportedly achieved a major milestone by surpassing the Rs 1 lakh crore mark for iPhone exports from India in 2024, with exports hitting a record $12.8 billion (Rs 1.08 lakh crore), reflecting a 42 percent year-on-year increase. This growth largely stems from a rise in local value addition, now ranging between 15-20 percent, depending on the model, and a nearly 46 percent surge in domestic production, which totaled $17.5 billion (Rs 1.48 lakh crore), as per preliminary estimates, according to a report.
In 2023, Apple recorded $9 billion in exports, representing approximately three-fourths of its $12 billion in domestic manufacturing. The $12.8 billion in exports this year marks an unprecedented achievement for any single product export from India and highlights the success of the Centre’s Production-Linked Incentive (PLI) scheme for smartphones.
The production and export figures are based on the freight-on-board (FOB) value, which is typically about 60 percent lower than retail prices, states the report. Apple’s local value addition has grown significantly, reaching up to 20 percent for certain models, as the company expands its supplier base in India. When the PLI scheme was launched, local value addition was just 5-8 percent, states the report. If the current momentum continues, Apple is projected to achieve $30 billion in annual production within the next few years, boosting India’s share in the global iPhone production ecosystem to over 26 percent, up from the current 14 percent, further noted the report.
In addition to this, Apple has ramped up its retail sales efforts in India, the world’s second-largest smartphone market, which is increasingly shifting toward premiumisation. Apple’s market share in India is expected to grow, with iPhone sales projected to rise by up to 20 percent in 2025, reaching 15 million units.
