Apple Exports Rs 1 Lakh Crore Worth of iPhones from India in 2024: A Milestone Achievement

New Delhi: Apple has marked a significant milestone by achieving Rs 1 lakh crore in iPhone exports from India in 2024, driven by the government’s Production-Linked Incentive (PLI) scheme and the growing trend of premiumisation in the Indian smartphone market.

According to early industry estimates, Apple exported over $12 billion worth of iPhones in the calendar year 2024, representing a remarkable growth of more than 40 percent compared to 2023.

Apple’s Growth and Record iPhone Exports from India

This achievement has been underpinned by Apple’s domestic production in India, which surged by nearly 46 percent year-on-year. In the fiscal year 2024, Apple assembled and manufactured $14 billion worth of iPhones in India, with over $10 billion worth being exported to global markets.

The company’s decision to ramp up production in India aligns with its strategic focus on local manufacturing, which has been bolstered by the Indian government’s initiatives to promote domestic production and exports. Apple has capitalized on the PLI scheme, which offers incentives for manufacturing in India, thereby contributing to the ‘Atmanirbhar Bharat’ vision.

The Rise of Premiumisation and Apple’s Market Impact

2024 has been a defining year for Apple in India, not only because of its record exports but also due to the rising trend of premiumisation in the Indian smartphone market. Consumers in India are increasingly leaning towards premium devices, and Apple’s strong brand presence and premium offerings have positioned it as a leader in this segment.

Apple’s retail expansion, coupled with its strategic marketing campaigns, has further bolstered its market share. According to Tarun Pathak, Research Director at Counterpoint Research, Apple has successfully gained ground in India due to its aspirational youth appeal, deep consumer connections, extensive channel and manufacturing expansion, and targeted marketing strategies.

As Pathak explains, “Premiumisation in India, along with the availability of easy financing options, has significantly enhanced the affordability of premium smartphones, benefiting Apple’s focus on this market segment.”

Job Creation and Contribution to India’s Economy

In addition to its export and production achievements, Apple’s growing presence in India has also had a significant economic impact. The company has created over 175,000 direct jobs in India over the last four years, with more than 72 percent of these positions being filled by women. This job creation has been primarily driven by Apple’s expansion of its manufacturing operations and the growing demand for iPhones across various segments of the Indian market.

Also Read | iPhone production reaches $10 bn in India in April-Oct, creates 1.75 lakh direct jobs in 4 years

Retail Expansion and Future Prospects

Apple’s strategic investments in expanding its retail footprint have been a crucial factor in driving the company’s success in India. The company has been aggressively increasing its retail presence across major cities, offering a premium shopping experience and connecting directly with its target consumers. This expansion, along with an increasing number of Apple Authorized Resellers and online platforms, has contributed to the growing demand for iPhones.

Looking ahead, experts predict that Apple’s growth in India will continue to gain momentum, driven by its aggressive retail strategy, effective marketing campaigns, and deeper penetration into India’s aspirational middle class.

India’s smartphone market, which is expected to cross $50 billion in value by 2025, is undergoing a shift towards premium smartphones, and Apple is well-positioned to capitalize on this trend. The average selling price (ASP) of smartphones in India is expected to exceed the $300 mark for the first time in 2024, further fueling demand for premium devices like the iPhone.

Apple’s Role in Shaping India’s Smartphone Landscape

As the premiumisation trend continues, Apple’s market dominance is set to expand, particularly in the premium and ultra-premium smartphone segments. Apple’s focus on local manufacturing and recent price reductions across its iPhone lineup have made its Pro models more accessible to Indian consumers, leading to higher demand for these premium devices.

According to Counterpoint’s India Smartphone Outlook, Apple’s emphasis on competitive pricing, coupled with the increasing affordability of premium smartphones in India, has allowed the company to cater to a broader consumer base, positioning itself as a dominant player in the evolving Indian smartphone market