New Delhi:
Apple is continuously touching the heights of success in India. The company started the manufacturing of iPhone in India in 2021 and now this decision of the company seems to be paying off. 2024 has been a great year for the iPhone manufacturing company that shifted from China to India. Apple exported iPhones worth more than $ 12.8 billion (Rs 1.08 lakh crore) last year in 2024. Union Minister Ashwini Vaishnav has called it another milestone for Smartphone PLI.
According to the news of Economic Times, a government official, while talking about the success of the Production-Linked Incentive (PLI) scheme for smartphones, said that Apple’s one-year achievement in terms of export of a single product from India is unique.
Foxconn has the largest share in exports
Also, preliminary data has revealed that Apple contract manufacturer Foxconn (Hon Hai) had 54 percent share in exports worth $12.8 billion. This was followed by Tata Electronics (29%) and Pegatron (17%). Pegatron has recently been acquired by Tata. All beneficiaries of PLI scheme are required to submit data of production, exports and jobs to the government.
According to estimates, Apple’s domestic production has increased by about 46 percent compared to a year ago and has increased to $ 17.5 billion (Rs 1.48 lakh crore). The tech giant manufactured and assembled iPhones worth $14 billion in India in the last financial year (FY24), of which more than $10 billion worth of iPhones were exported.
Union Minister said it was a milestone
Union Minister Ashwini Vaishnav has described this achievement as another milestone for Smartphone PLI. He said in one of his posts that Apple has exported iPhones worth Rs 1 lakh crore in the calendar year 2024. Also said that the Apple ecosystem has emerged as a job creator especially for women. Also said that the target is to cross smartphone exports of 20 billion dollars in the financial year 2025.
▶️Another big milestone for smartphone PLI.
▶️Apple exports Rs.1 lakh cr ($12.8 bn) worth iPhones in CY24.
▶️Apple ecosystem emerges as the largest job creator, especially for women.
▶️Target to cross $20 bn smartphone exports in FY25.https://t.co/TeQagIZDaz pic.twitter.com/zRyfp6zKiz
— Ashwini Vaishnaw (@AshwiniVaishnaw) January 13, 2025
1.75 lakh new jobs due to arrival of Apple
Meanwhile, the Apple ecosystem has created 1.75 lakh new jobs in four years, of which more than 72 percent are women. 2024 was great for Apple in India. The tech giant set new records in exports as well as domestic sales, which was linked to the growing trend of premiumization, the government’s PLI scheme and aggressive retail expansion.
According to Tarun Pathak, research director of mobile devices and ecosystem at Counterpoint Research, Apple established a strong consumer connect by keeping in mind the preferences of the youth. The company paid special attention to expansion of channels, manufacturing as well as marketing campaigns and gained a large share in India.
“Premiumization in India, coupled with easily available financing, drives purchases of premium smartphones, which Apple benefits from by focusing on this particular segment,” Pathak said.
Apple’s growth in India is expected to continue at significant pace in the coming year, fueled by aggressive retail expansion, targeted marketing strategies and meeting customer expectations.
Smartphone market worth $50 billion in 2025!
Meanwhile, the value of India’s smartphone market is estimated to cross $50 billion by 2025 due to the ongoing trend of premiumization and emphasis on local manufacturing.
According to the latest research by Counterpoint’s ‘India Smartphone Outlook’, the average retail selling price (ASP) of India’s smartphone market is expected to cross the $300 mark for the first time this year.
Apple is leading this change by introducing competitive options in the premium and ultra-premium segments. Apple is expected to see strong demand for its Pro models due to local manufacturing and recent price cuts in its iPhone lineup.
