By iPhone exports from Apple Inc.’s India operations surged by a third in the six months leading up to September, highlighting the company’s ongoing efforts to grow its manufacturing footprint in India and lessen its reliance on China. According to sources familiar with the matter, Apple shipped close to $6 billion worth of India-produced iPhones—a 33% rise in value from the prior year. This trend points to an annual export total likely to exceed approximately $10 billion for fiscal 2024.
iPhone exports from Apple Inc.’s India operations surged by a third in the six months leading up to September, highlighting the company’s ongoing efforts to grow its manufacturing footprint in India and lessen its reliance on China. According to sources familiar with the matter, Apple shipped close to $6 billion worth of India-produced iPhones—a 33% rise in value from the prior year. This trend points to an annual export total likely to exceed approximately $10 billion for fiscal 2024.
Tata Group’s Growing Role in iPhone Exports Highlights India’s Rise as Key Manufacturing Hub
From April to September, the electronics manufacturing unit of Tata Group—a prominent conglomerate spanning sectors from salt to software—exported around $1.7 billion in iPhones from its Karnataka-based factory, according to sources. Tata acquired the facility from Wistron Corp. last year, making it the first Indian company to assemble Apple’s flagship product. The reported export values represent the factory gate estimates rather than retail prices. Apple and Pegatron representatives declined to comment, while Foxconn and Tata spokespersons were unavailable for response.
iPhones now represent a substantial share of India’s smartphone exports, boosting the category to become the top US-bound export at $2.88 billion in the first five months of this fiscal year, per data from India’s federal trade ministry. Five years ago, before Apple’s manufacturing expansion in India, the country’s annual smartphone exports to the US were a modest $5.2 million.
Apple’s Expanding Strategy in India: Market Growth, New Stores, and Record Revenue
- Despite holding just under 7% of India’s smartphone market—dominated by Chinese brands like Xiaomi, Oppo, and Vivo—Apple is making significant investments in the region.
- With support from Prime Minister Narendra Modi’s government incentives, Apple began assembling its high-end iPhone 16 Pro and Pro Max models in India this year, featuring enhanced cameras and titanium bodies.
- Apple is also expanding its retail footprint, with plans to open new stores in Bangalore’s tech hub and the city of Pune, in addition to its recent flagship stores in Mumbai and New Delhi launched by CEO Tim Cook.
- A surge in marketing efforts, strong online sales, and a growing middle class with aspirations to own Apple products have driven Apple’s annual revenue in India to an unprecedented $8 billion as of March.
