Apple Reaches Rs 1 Lakh Crore in iPhone Exports from India
Apple has reached one of the landmarks in its operations, as iPhone export from India recently crossed Rs 1 lakh crore in 2024. So far, much of this had been due to the government production-linked incentive and premiumisation moving among Indian customers. Industry estimations say more than $12 billion worth of iPhones were exported to other countries from India last year, which stands at a fantastic growth of about 40 percent from 2023.
Along with the exports growth, domestic production by Apple increased almost 46% year-on-year. According to sources, Cupertino-based technology major produced and assembled $14 billion worth of iPhones in fiscal 2024 alone. Out of that, $10 billion have been exported so far. According to them, the current trend bodes well in order to make its manufacturing footprints in the country even more strong.
Apple's growth is not limited to exports and production but also helped in generating 1,75,000 new direct jobs in India in the last four years. Of this, more than 72 percent of these new jobs were occupied by women. Aggressive retail expansion and successful marketing campaigns from the company played a major role in these results.
Industry experts believe that 2024 was the turning point for Apple in India, with premiumisation, government incentives, and a growing retail presence being some of the factors. According to Tarun Pathak, Research Director at Counterpoint Research, Apple's appeal among India's highly aspirational youth, coupled with strong consumer connections and channel expansion, has fueled its success. The growing availability of financing options has also made premium smartphones more accessible, further benefiting Apple's strategic focus on the high-end segment.
Apple's growth in India is going to be pretty strong looking forward. Aggressive retail strategy, targeted marketing, and deeper penetration into the aspirational market put Apple in an excellent position to benefit from the smartphone market of India, which is booming at the moment. According to analysts, the Indian smartphone market will exceed $50 billion by 2025, while the average selling price will also cross $300 for the first time this year. There could also be high demand for its Pro models in premium and ultra-premium categories supported by local production and fresh reductions in recent pricing.
