Apple has reportedly surpassed 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). This growth largely stems from a rise in local value addition, now ranging between 15-20 percent, and a nearly 46 percent surge in domestic production, which totaled $17.5 billion.
In 2023, Apple iPhone exports from India recorded $9 billion, representing approximately three-fourths of its $12 billion in domestic manufacturing.
The report states that the production and export figures are based on the freight-on-board (FOB) value, which is typically about 60 percent lower than retail prices. 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, according to the report. If the current momentum continues, Apple is projected to achieve $30 billion in annual production within the next few years. This will boost India’s share in the global iPhone production ecosystem to over 26 percent, up from the current 14 percent, further noted the report.
Increase in Apple’s retail sales
In addition to this, Apple has ramped up its retail sales efforts in India, which happens to be the world’s second-largest smartphone market. The market is increasingly shifting toward premiumisation. Apple's growth in India and also its market share is expected to rise, with iPhone sales projected to rise by up to 20 percent in 2025, reaching 15 million units.
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