According to reports from Bloomberg, Cupertino-based tech giant Apple has assembled iPhones worth $14 billion in India during fiscal year 2024. This indicates a significant increase in Apple’s manufacturing operations in India, especially that of iPhone, with approximately 14 percent of its flagship devices now being produced in the country, equating to about one in seven iPhones.
The boost in production output has been largely facilitated by Taiwanese manufacturers Foxconn and Pegatron, with Foxconn contributing around 67 percent and Pegatron Corp around 17 percent to the India-made iPhones.
Apple’s interest in diversifying its supply chains to reduce dependence on China has been evident, especially amidst global political tensions. To further strengthen its presence in India, Apple is reportedly considering offering residential facilities to its factory workers, similar to its industrial housing models in China and Vietnam.
Reports suggest that over 78,000 units are planned for construction under this initiative.
In addition to ramping up production, Apple has been expanding its retail presence in India. The company opened two stores in India last year and reportedly has plans to launch more in the future.
Despite facing tough competition in the Indian market, Apple has managed to emerge as the top smartphone brand by revenue, surpassing its South Korean rival Samsung. In 2023, Apple accounted for 23 percent of smartphone revenue share in India, despite having around 6.5 percent market share by volume.
Apple’s India business has experienced significant growth, with sales crossing the $8 billion mark in February. This marks the second consecutive year of sales growth exceeding 40 percent, driven primarily by iPhone sales and increased adoption of Apple products by enterprises. In fiscal year 2023, Apple’s India business recorded revenue of Rs 49.3K crore, representing a 48 percent increase from the previous fiscal year.
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