Apple’s iPhone Exports From India Surpass Rs 1 Trillion In 2024

Apple’s iPhone exports from India have reached a significant milestone, crossing the Rs 1 trillion mark in 2024. Preliminary industry estimates, reported by The Economic Times, indicate that shipments of iPhones have hit a record $12.8 billion (Rs 1.08 trillion), marking a remarkable 42% year-on-year increase.

This surge in exports can be attributed to the considerable rise in local value addition and a substantial increase in domestic production. The growing production capacity in India, driven by both Apple’s expanding supplier base and the Centre’s production-linked incentive (PLI) scheme, has played a pivotal role in this achievement.

According to the report, iPhone production in India grew nearly 46% in 2024, reaching $17.5 billion (Rs 1.48 trillion).

When the scheme was first introduced, local value addition ranged from just 5-8%, but it now stands at 15-20%, depending on the model.

Role Of Key Manufacturers In Export Growth

The report highlights the crucial role played by Apple’s main contract manufacturers in driving the export surge. Foxconn, Tata Electronics, and Pegatron accounted for 54%, 29%, and 17% of shipments, respectively. Tata Electronics, in particular, made a significant impact with its recent acquisition of Pegatron, further strengthening India’s manufacturing landscape.

Also Read: PLI Scheme Boosts Electronics Manufacturing In India; Attracts Over Rs 10,000 Crore Investment

The momentum in iPhone exports suggests that India’s share of global iPhone production could rise dramatically. From its current share of 14%, India is expected to increase its contribution to over 26% in the coming years. Apple has set ambitious goals, planning to achieve $30 billion in annual production, a clear indication of the company’s growing reliance on Indian manufacturing.

Expanding The Supply Chain: Key Components Made In India

In addition to iPhone assembly, Apple is now looking to manufacture essential components locally. This includes printed circuit boards (PCBs), camera modules, lithium-ion cells, and other critical components, which together account for approximately 50% of the materials in a mobile device.

This move aligns with the government’s upcoming electronics components incentive scheme, which aims to further support the local manufacturing ecosystem.

The increase in local production and export value not only contributes to India’s economic growth but also positions the country as a key player in the global tech supply chain.

If the current trends continue, India’s iPhone manufacturing industry is likely to see further expansion, benefiting both Apple and the Indian economy in the years to come.