Apple plans to increase its production in India by a factor of five, aiming to reach $40 billion within a span of five years

Apple plans to increase its production in India by a factor of five, aiming to reach $40 billion within a span of five years

Apple, the company behind the iPhone, is planning to significantly increase its production in India, aiming for a more than fivefold growth to approximately $40 billion, equivalent to around Rs 3.32 lakh crore, within the next four to five years. This information comes from government sources, and an unnamed official stated that Apple had already surpassed the $7 billion production milestone in the previous fiscal year.

Apple intends to ramp up its production in India to exceed $40 billion in the next four to five years, having already achieved over $7 billion in the last fiscal year. An email inquiry sent to Apple did not yield a response. Apple currently manufactures iPhones in India and has future plans to commence AirPods production next year. However, iPads and laptops are not on the immediate agenda for local manufacturing.

The official also noted that Apple has no immediate plans to participate in the IT hardware Production-Linked Incentive (PLI) scheme. Although it remains a possibility in the future, their current focus is on expanding their existing production capacity.

In the fiscal year ending on September 25, 2022, Apple achieved global sales of iPhones totaling $191 billion and products worth $38.36 billion in the wearable, home, and accessories segment. In the first nine months of the current fiscal year, iPhone sales amounted to approximately $156.77 billion, marking a slight 4% decrease, while the wearable, home, and accessories segment saw a modest decline to $30.52 billion.

Apple has emerged as the largest mobile phone exporter from India. Industry sources reported that sales of Apple’s iPhone 15 series experienced a 100% growth compared to the iPhone 14 series on launch day. Apple has introduced four models in the iPhone 15 series, with two variants, the iPhone 15 and iPhone 15 Plus, also being manufactured in India. For the first time, Apple made ‘made-in-India’ iPhones available on the same day as their global launch.

According to market research firm Counterpoint Research, Apple dominates the ultra-premium smartphone segment, with phones priced above Rs 45,000 each, boasting a 59% market share in the first quarter of 2023. India has now become one of the top-five markets for the company.