2024: A Breakthrough Year for Apple in India with Premiumisation, PLI Boost, and Retail Expansion
Apple Inc. has made 2024 a milestone year in India, achieving new heights in exports, domestic sales, and brand presence.
New Delhi: Apple Inc. has made 2024 a milestone year in India, achieving new heights in exports, domestic sales, and brand presence.
Table of Contents
This success is fueled by a growing premiumisation trend, the Indian government’s production-linked incentive (PLI) scheme, and the company’s aggressive retail expansion.
Record Smartphone Exports and Production Growth
India’s smartphone exports surged by 45% in 2024, with Apple leading the charge. The tech giant’s collaborations with vendors like Foxconn, Pegatron, and Tata Electronics significantly boosted local production.
Also Read: India’s Electronics Sector to Generate 12 million Jobs by 2027, Report Highlights
In the first seven months of FY25, Apple produced iPhones worth $10 billion, with $7 billion attributed to exports—a record high. Between April and October, the company achieved monthly exports of nearly ₹8,450 crore (approximately $1 billion), according to industry data.
Premiumisation: Apple’s Winning Formula
Apple’s growth in India is driven by the increasing demand for premium smartphones. “Apple has successfully tapped into the ultra-premiumisation trend in India’s smartphone market, appealing to aspirational youth with strong marketing, channel expansion, and manufacturing strategies,” said Tarun Pathak, Research Director at Counterpoint Research.
India, the world’s second-largest smartphone market, is expected to surpass Japan and the UK as Apple’s third-largest market by 2026, according to Counterpoint Research Market Outlook.
“Readily available financing options have boosted affordability for premium smartphones, aligning with Apple’s focus on this segment,” Pathak added.
Surging Revenues and Profits in FY24
Apple’s India shipments are projected to surpass 11 million units in 2024, marking a 10% year-on-year growth. This momentum is expected to continue into 2025, according to market analysts.
In FY24, Apple’s operating revenue in India surged by 36%, reaching ₹66,700 crore ($8 billion). The company posted a profit of ₹2,746 crore ($330 million), a 23% increase compared to ₹2,229.6 crore ($268 million) in FY23.
Strategic Focus on India
India’s importance to Apple is reflected in its three-dimensional (3D) strategy: scaling domestic manufacturing, expanding distribution, and driving premiumisation.
Prabhu Ram, VP of Industry Research at CyberMedia Research, highlighted Apple’s growth trajectory. “Aggressive retail expansion, targeted marketing, and deeper penetration into aspirational markets will sustain Apple’s momentum in India. This growth is fueled by demand for both new and previous-generation iPhones,” he said.
Retail Expansion and Market Dominance
Apple’s retail strategy, including its flagship stores in Mumbai and Delhi, further strengthens its position in India. These stores symbolize Apple’s long-term commitment to the Indian market and its growing customer base.
With a booming market, strategic initiatives, and an expanding product portfolio, 2024 cements Apple’s status as a dominant player in India’s tech ecosystem.
