Apple has become the first company from India to export smartphones worth $1 billion (Rs. 8,100 crore) in a month, achieving this milestone in December 2022, according to a report by The Economic Times. This record month for the industry saw mobile phone exports reach over Rs. 10,000 crore. The strong exports of smartphones, led by Apple, also signify the company's growing shift towards India as a manufacturing base, as uncertainty continues in China.
Apple manufactures several iPhone models, including the 11, 12, 13, and 14 in India. These models are produced by Foxconn, Pegatron and Wistron in manufacturing units located in Tamil Nadu and Karnataka, who are also beneficiaries of the government's Production Linked Incentive (PLI) scheme for smartphones.
The government estimates that India is likely to export mobile phones worth about $9 billion in FY23, up from $5.8 billion in the year before. Furthermore, the Indian government has also granted initial clearance to around 14 of Apple's Chinese suppliers, which will further boost the company's ecosystem in India.
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According to an analyst at the research unit of Taiwan’s DigiTimes newspaper, India could produce half of the world’s iPhones by 2027, up from the current percentage which is less than 5 percent. This forecast is more aggressive than JPMorgan’s earlier prediction that India would assemble 25 percent of total Apple iPhones worldwide by 2025.
