New Delhi, Jan 13 (Blitz Business) Riding on the government’s production-linked incentive (PLI) scheme and rising premiumisation trend, Apple has reached Rs 1 lakh crore in iPhone exports from India in the calendar year 2024.
According to early industry estimates, Apple exported more than $12 billion worth iPhones last year, which is more than 40 per cent growth from 2023.
Apple’s domestic production has surged nearly 46 per cent from a year ago, as per estimates.
The Cupertino (California)-based tech giant manufactured/assembled $14 billion of iPhones in India last fiscal (FY24), with exporting more than $10 billion worth of iPhones.
Meanwhile, the Apple ecosystem has also created 1,75,000 new direct jobs in four years with “over 72 per cent women”.
2024 became the year of Apple in India where the tech giant made new exports as well as domestic sale records, driven by the rising trend of premiumisation, the government’s PLI scheme and aggressive retail expansion.
Apple’s strategic approach in India over the past year has resulted in significant achievements and increased market importance, according to industry experts.
According to Tarun Pathak, Research Director, Mobile Devices and Ecosystems at Counterpoint Research, Apple has gained a share in India due to highly aspirational youth appeal, strong consumer connect, channel and manufacturing expansion along with solid marketing campaigns.
“Premiumisation in India, with readily available financing, boosts affordability for premium smartphones, benefiting Apple’s exclusive focus on this segment,” Pathak said.
Apple’s growth in India is expected to continue with significant momentum in the coming year, driven by aggressive retail expansion, targeted marketing strategies, and a deeper penetration into the aspirational Indian market.
Meanwhile, India’s smartphone market is projected to cross $50 billion in value by 2025, driven by the ongoing trend of premiumisation and thrust on local manufacturing.
The retail average selling price (ASP) of India’s smartphone market is expected to cross the $300 mark for the first time this year, according to latest research from Counterpoint’s ‘India Smartphone Outlook’.
Apple is leading this shift by offering competitive options in the premium and ultra-premium segments. Apple is expected to see strong demand for its Pro models, driven by local manufacturing and recent price reductions across its iPhone lineup.