Apple has exported made-in-India iPhones worth $6B this year
Apple's iPhone exports from India have jumped by a whopping one-third in the last six months ending September. The tech giant shipped nearly $6 billion worth of iPhones made in India, a major increase from last year. If the trend continues, it could take the annual exports beyond an estimated $10 billion for fiscal 2024.
Apple's manufacturing expansion in India
Apple is quickly expanding its manufacturing base in India, taking advantage of local subsidies, a skilled workforce, and the country's technological prowess. The move is part of Apple's larger plan to reduce its dependence on China amid rising geopolitical tensions. Three of the firm's major suppliers—Taiwan's Foxconn and Pegatron and India's Tata Electronics—are already assembling iPhones in southern India.
Tata Electronics and Foxconn's role in iPhone production
Foxconn's local division, located on Chennai's outskirts, is Apple's top supplier in India, accounting for half of the nation's iPhone exports. Tata Electronics, a Tata Group subsidiary, has also contributed significantly, exporting around $1.7 billion worth of iPhones from its Karnataka-based factory from April to September. This comes after Tata's acquisition from Wistron Corporation, becoming the first Indian assembler for Apple's best-selling product.
iPhones dominate India's smartphone exports to US
iPhones make up a major chunk of India's smartphone exports, driving this category to emerge as the top export to the US at $2.88 billion, in the first five months of this fiscal year. This is a far cry from five years ago, when annual smartphone exports from India to the US stood at a paltry $5.2 million before Apple scaled its manufacturing in the country.
Market share and future plans in India
Despite making up for less than 7% of India's smartphone market, Apple is investing heavily in the country. The Indian government's subsidies have allowed the company to locally assemble its iPhone 16 Pro and Pro Max models this year. Apple is also planning to open new retail outlets in Bengaluru and Pune, after successful store launches in Mumbai and New Delhi last year.
