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Apple surpasses Rs 1 lakh crore-mark for iPhone exports from India in 2024: Report

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Sumit Vishwakarma
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US-based Apple has reportedly crossed the Rs 1 lakh crore milestone in iPhone exports from India in 2024, with shipments valued at $12.8 billion (Rs 1.08 lakh crore), ET reported.

This figure marks a 42% year-on-year growth and reflects the success of the government’s Production-Linked Incentive (PLI) scheme for smartphones.

According to early estimates, Apple’s domestic production also rose by around 46%, touching $17.5 billion (Rs 1.48 lakh crore) this year.

Union Minister Ashwini Vaishnaw shares a post on X

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Aggressive retail expansion

Industry experts attribute Apple’s remarkable export performance to a combination of aggressive retail expansion, rising local value addition of up to 20% for some iPhone models, and India’s growing premium smartphone market. When the PLI scheme first launched, local value addition hovered at just 5-8%.

According to the reports, the continued momentum could push Apple’s annual production in India to $30 billion within a few years, potentially raising the country’s share in the global iPhone ecosystem from the current 14% to more than 26%.  

Apple has taken significant steps to bolster its Indian operations. The company opened new retail stores, strengthened its supplier network and enhanced direct compliance with local regulatory requirements.

This shift toward local manufacturing and assembly has also led to the creation of 175,000 direct jobs, with over 72% of these positions held by women.

Apple’s growth in India is further driven by the broader industry trend of premiumisation, where readily available financing and competitive pricing for higher-end smartphones have encouraged more consumers to buy iPhones.  

Market watchers expect Apple’s influence in the Indian smartphone sector to keep growing. The company’s iPhone sales could rise by as much as 20% in 2025, reaching around 15 million units.

Apple's rising local retail presence

Along with exports, Apple has steadily increased its local retail presence. Observers say the company’s strategic approach—focusing on premium customers, launching new stores in major cities, and offering price cuts on older models—has positioned Apple as a leading name in India’s high-end smartphone market.

The country’s overall smartphone sector is forecast to exceed $50 billion in value by 2025, with premium brands like Apple fueling much of that growth.  

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