Tech giant Apple is gearing up to boost its production in India by more than five times, reaching a staggering $40 billion within the next four to five years.
This news comes from an anonymous government official who revealed that Apple’s production already surpassed $7 billion in the previous fiscal year.
Despite attempts to seek Apple’s response, the company has remained tight-lipped on the matter.
Apple, known for making iPhones in India, is set to expand its manufacturing to include AirPods next year.
However, the official disclosed that Apple currently has no plans to produce iPads or laptops in India, nor is it partaking in the IT hardware PLI (Production-Linked Incentive) scheme at this time.
Nevertheless, the company could potentially explore the scheme’s benefits in the future.
Apple: India’s Largest Mobile Phone Exporter
Apple has been making significant strides in India, where it sold iPhones worth $191 billion and wearables, home,
and accessories worth $38.36 billion in the fiscal year ending on September 25, 2022.
In the first nine months of the current fiscal year, the company recorded sales of iPhones worth $156.77 billion and wearables, home,
and accessories worth $30.52 billion. Consequently, Apple has emerged as the largest exporter of mobile phones from India.
Strong Sales for Apple’s iPhone 15 Series
Apple’s recently launched iPhone 15 series has been a massive hit, with sales seeing a remarkable 100 percent increase compared to the iPhone 14.
The iPhone 15 series includes four models, two of which, the iPhone 15 and iPhone 15 Plus, are also being manufactured in India.
Notably, Apple has made Made in India iPhones available simultaneously with their global release for the first time.
Apple Dominates the Ultra Premium Smartphone Segment
According to market research firm Counterpoint Research, Apple holds a commanding position in the ultra-premium smartphone segment, characterized by phones priced above Rs 45,000.
Apple boasts a remarkable 59 percent market share in this category during the first quarter of 2023.
