Apple Hits Rs 1 Lakh Crore In iPhone Exports, Set For Continued Growth

Apple has surpassed Rs 1 lakh crore in iPhone exports in 2024, driven by the government’s PLI scheme and the rise of premium smartphones in India. Early industry estimates show that the company exported over $12 billion worth of iPhones last year.

Apple Domestic Production Surge And Export Growth

Apple’s domestic production has surged by nearly 46% compared to last year. In fiscal year 2024, the Cupertino-based tech giant manufactured and assembled $14 billion worth of iPhones in India, with over $10 billion of those exports.

The expansion of Apple’s ecosystem in India has been accompanied by significant job creation. In the past four years, Apple has created 1,75,000 jobs, with over 72% filled by women. This growth further cements Apple’s position as a major contributor to India’s economy and employment landscape.

Apple’s Strategic Approach To Market Share

Apple’s focus on India’s aspirational youth, along with expanded manufacturing and retail, has boosted its market share. Tarun Pathak of Counterpoint Research says financing options have made premium smartphones more affordable, benefiting Apple’s high-end focus.

“The trend of premiumisation in India, coupled with financing options, has significantly benefited Apple, which continues to cater to the premium segment,” Pathak said.

Apple Looks For Continued Growth

Apple is expected to maintain its strong momentum in India, driven by its retail expansion, targeted marketing, and focus on the aspirational market.

Apple’s growth aligns with India’s expanding smartphone market, which Counterpoint Research projects will exceed $50 billion in value by 2025.

According to Counterpoint Research, India’s smartphone market will exceed a $300 retail average selling price (ASP) for the first time this year. As a leader in the premium segment, Apple is well-positioned to capitalize on the rising demand for high-end smartphones.

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