Apple Achieves Rs 1 Lakh Crore in iPhone Exports from India in 2024: Industry Report

​​​​​​​According to early industry estimates, Apple had exported more than $12 billion worth iPhones last year, more than 40 per cent growth from 2023.

Riding on the government's production-linked incentive (PLI) scheme and the rising premiumisation trend, Apple has touched Rs 1 lakh crore in iPhone exports from India in the calendar year 2024.

According to early industry estimates, Apple had exported more than $12 billion worth iPhones last year, more than 40 per cent growth from 2023.

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Apple's domestic production has risen to nearly 46 per cent a year ago according to estimates. The Cupertino headquartered tech giant manufactured/ assembled $14 billion of iPhones in India in the last fiscal (FY24), with export more than worth $10 billion from iPhones.
 

Meanwhile, the Apple ecosystem has also created 1,75,000 new direct jobs in four years with "over 72 per cent women".

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The 2024 became the year of Apple in India where the tech giant made new exports as well as domestic sale records, driven by the rising trend of premiumisation, the government's PLI scheme and aggressive retail expansion.

Apple has been able to achieve a great deal and have increased market significance over the past year in India, according to industry experts.

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Apple has gained share in India through highly aspirational youth appeal, strong consumer connect, channel and manufacturing expansion along with solid marketing campaigns, says Tarun Pathak, Research Director, Mobile Devices and Ecosystems at Counterpoint Research.

“Premiumisation in India, with readily available financing, boosts affordability for premium smartphones, benefiting Apple’s exclusive focus on this segment,” Pathak said.

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Apple's growth in India is expected to continue with significant momentum in the coming year, driven by aggressive retail expansion, targeted marketing strategies, and a deeper penetration into the aspirational Indian market.

On the other hand, India's smartphone market is going to reach over $50 billion in value by 2025. The trend of premiumisation along with thrust on local manufacturing continues to propel India's smartphone market forward.

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The latest research from Counterpoint's 'India Smartphone Outlook' suggests that the retail ASP of India's smartphone market will cross the $300 mark for the first time this year.

Indeed, the shift being led by Apple is into more premium and ultra-premium options. Apple's Pro models are expected to do well, driven by local manufacturing and recent price reductions across its iPhone lineup.

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Read also| PLI 2.0 for IT Hardware Generates Rs 10,000 Crore in Production, 3,900 Jobs in 18 Months

Read also| Apple Asserts: 'Never Sold Users' Siri Data to Anyone for Any Purpose'

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