Rise in iPhone manufacturing and strong domestic sales of MacBooks, iMacs, iPads, Watches, and AirPods have pushed Apple’s India operations to above Rs 2 lakh crore ($23.5 billion) in FY24. This marks a big jump for Apple from Rs 1.15 lakh crore in the previous year.
The American giant has likely experienced the fastest growth in production and exports by any company in India over the last 50 years. It has thus solidified its position as the largest global value chain (GVC) operating within the country. Apple is also the first GVC in India to begin moving a portion of its supply chain from China.
The most recent Economic Survey underscored India's increasing role in Apple's global operations, noting that the country now accounts for around 14 percent of the tech giant’s total production, up from approximately 7 percent in FY23.
iPhones have been the primary driver of the growth, with exports valued at around Rs 1.35 lakh crore ($15 billion) in the last fiscal year, data shows.
While domestic sales of Apple products contributed an estimated Rs 68,000 crore ($8 billion) in FY24, Apple exported iPhones worth Rs 66,000 crore in FY23.
Despite this growth, Apple's market share in India remains under 6 percent, though it has gradually increased from 2 percent in FY18. The Indian market continues to be predominantly led by Android devices, especially those from Chinese brands like Vivo and Xiaomi.
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