India's iPhone Exports Hit New Record, Surpass Rs 1 Lakh Crore

Apple has hit a significant milestone in its manufacturing operations in India, with iPhone exports exceeding Rs 1 lakh crore ($12.8 billion) in 2024, according to a report by Economic Times. This represents a substantial 42 per cent increase from the previous year's performance.

Increased Local Value Addition

The growth is attributed to increased local value addition, which now ranges between 15-20 per cent depending on the iPhone model, a notable improvement from the 5-8 per cent recorded when India's Production-Linked Incentive (PLI) scheme for smartphones was first implemented. 

Domestic production has also seen remarkable growth, reaching Rs 1.48 lakh crore ($17.5 billion), marking a 46 per cent increase from the previous year.

iPhone's Export Numbers

The export figures, calculated using freight-on-board values, demonstrate a continued upward trajectory from 2023, when Apple exported $9 billion worth of iPhones, representing approximately three-quarters of its $12 billion domestic manufacturing output. This achievement stands as the highest export value for any single product category from India.

It is said that if the current growth momentum continues, Apple's annual production could reach $30 billion in the coming years. 

This expansion would increase India's share in global iPhone production from its current 14 per cent to over 26 per cent, further solidifying the country's position as a key manufacturing hub.

The company is also strengthening its presence in India's retail sector, capitalising on the market's increasing shift toward premium smartphones. 

It is predicted that Apple's market share will continue to expand, with iPhone sales expected to grow by up to 20 per cent in 2025, reaching 15 million units in the world's second-largest smartphone market.