iPhone exports from India cross ₹1 lakh crore in 2024
What's the story
Apple has hit a major milestone in its India operations, with iPhone exports exceeding the ₹1 lakh crore mark in 2024.
According to an Economic Times report, the tech giant's exports hit an all-time high of $12.8 billion (₹1.08 lakh crore), registering a whopping 42% year-on-year growth.
The growth is primarily driven by an increase in local value addition and a massive jump in domestic production.
Production boost
Domestic production and value addition fuel growth
The report also notes that Apple's domestic production jumped nearly 46% to $17.5 billion (₹1.48 lakh crore).
The company had reported $9 billion in exports in 2023, which made up for roughly three-fourths of its $12 billion domestic manufacturing.
The latest export figure of $12.8 billion marks an unprecedented milestone for any single product export from India, highlighting the success of the government's Production-Linked Incentive (PLI) scheme for smartphones.
Value addition
Local value addition and supplier base expansion
Apple's local value addition in India has grown significantly, going up to 20% for some models.
This increase comes as the company has been working to expand its supplier base in the country.
When the PLI scheme started, local value addition was only 5-8%. If this continues, Apple could reach $30 billion in annual production in the coming years.
This growth could further increase India's share in the global iPhone production ecosystem from the current 14% to over 26%.
Information
Market share and sales projections in India
Apple has also ramped up its retail sales in India, the world's second-largest smartphone market. The company's market share is likely to expand with iPhone sales expected to rise by as much as 20% in 2025, hitting 15 million units.