Apple Expands in India: iPhone Exports to Surpass $10 Billion This Year
Apple is rapidly expanding its manufacturing presence in India, with iPhone exports from the country rising by nearly a third in value over the past six months, reaching $6 billion. By the end of this fiscal year, India’s iPhone exports are projected to exceed $10 billion. This expansion supports Apple’s strategy to reduce reliance on China by leveraging India’s subsidies, skilled workforce, and improving tech infrastructure.
Key suppliers like Foxconn, Pegatron, and Tata Electronics are instrumental in the effort, with Foxconn alone contributing half of India’s iPhone exports. Tata Electronics, which acquired Wistron’s Karnataka-based factory, has also made strides, exporting $1.7 billion worth of iPhones.
This growth has helped boost India’s smartphone exports, with iPhones becoming the top US export in this category, jumping from a modest $5.2 million five years ago to $2.88 billion in the current fiscal year. Although Apple holds just under 7% of India’s smartphone market, it sees potential for growth, fueled by India’s growing middle class and expanding retail presence.
Apple’s India revenue hit $8 billion this year, with projections suggesting sales could reach $33 billion by 2030, driven by rising demand and accessible payment plans.
