Apple Hits ₹1 Lakh Crore Milestone In iPhone Exports From India In 2024

Apple has achieved a groundbreaking ₹1.08 lakh crore ($12.8 billion) in iPhone exports from India in 2024, marking a 42% year-on-year increase, according to preliminary industry estimates. This success is attributed to increased local production and the government’s smartphone production-linked incentive (PLI) scheme.

India’s iPhone production surged by 46% to ₹1.48 lakh crore ($17.5 billion) this year, with local value addition reaching 15-20%, compared to 5-8% at the start of the PLI scheme. Apple contract manufacturers like Foxconn, Tata Electronics, and Pegatron played key roles in this milestone.

Expanding Local Ecosystem

Apple’s production momentum could push its annual output to $30 billion in the coming years, potentially increasing India’s share in the global iPhone production ecosystem from 14% to over 26%. India is now the fifth-largest market for Apple, with local sales volumes expected to grow by up to 20% in 2024, driven by increasing premiumization and diversification away from the China market.

The PLI scheme has also spurred employment, creating nearly 185,000 new direct jobs in Apple’s ecosystem, 70% of which are held by women. Foxconn’s factory in Tamil Nadu, the largest in terms of employment across any sector in India, employs over 30,000 women among its 42,000 workers.

Local Value Addition and Components

Apple is actively boosting local value addition through Indian and non-Chinese suppliers. The company has started producing key components like PCBs, camera modules, and lithium-ion cells locally. These developments align with India’s upcoming electronics components incentive scheme, which aims to enhance the production of essential sub-assemblies, constituting 50% of a mobile phone’s bill of materials.

Since the PLI scheme’s launch in 2021, Apple has consistently exceeded projections for production, exports, and job creation. The company’s focused efforts continue to solidify India’s position as a key player in the global iPhone manufacturing landscape.

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