Apple has set its sights on manufacturing over 50 million iPhones annually in India, intending to diversify production away from China, a report from the Wall Street Journal highlighted, citing sources familiar with the matter.
The tech giant aims to achieve this goal within the next two to three years, with plans for tens of millions of additional units thereafter. Should Apple reach this objective, India would contribute a substantial quarter share to the global iPhone production, while China would continue to maintain its status as the largest iPhone producer.
However, Apple faces challenges in transitioning its production away from China. Yet, its key supplier Foxconn intends to expand its manufacturing presence in India. Furthermore, reports suggest that Tata Group is gearing up to establish one of India's largest iPhone assembly plants.
India has witnessed substantial growth in mobile phone exports, amounting to $5.5 billion (over Rs 45,000 crore) in the April-August period of the ongoing fiscal year (FY24), as per government and industry data. This figure marks a significant increase from $3 billion (about Rs 25,000 crore) during the same period in FY22-23.
During the April-August period, Apple led India-made phone exports, surpassing 50 percent of the estimated total, closely followed by Samsung. In the June quarter, sources indicated that Apple accounted for nearly half of the country's total 12 million smartphone shipments, with Samsung trailing closely behind with 45 percent.
India's mobile phone exports are projected to surpass Rs 1,20,000 crore in the current fiscal year, with Apple dominating the market share, boasting over 50 percent in FY24.
(With Agency Inputs)