India’s efforts to boost local manufacturing of iPhone devices have shown positive results as local production of iPhones saw a 162% year-on-year growth in value in 2022.
What Happened? According to a recent report by market research firm Counterpoint, Apple’s share of the total value of the smartphone market in India has increased to 25%, up from 12% in 2021.
The volume of locally made iPhone units grew 65% year-on-year, and Apple’s manufacturing partners, Foxconn and Wistron, were the fastest-growing manufacturers among the top 10 electronics manufacturing services (EMS) players in India in Q4 2022. Both manufacturers also led the EMS landscape in value terms, thanks to increasing exports from Apple.
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Foxconn has invested another $500 million (₹) in its Indian business to expand its local operations, while Wistron is reportedly looking to sell its only production plant in the country to Tata Group to begin manufacturing iPhone models.
Counterpoint senior research analyst Prachir Singh stated that the overall exports of smartphones saw a volume growth of 37% year-over-year. Additionally, the contribution of exports in the total “Made in India” smartphone shipments reached the highest ever in 2022, both in volume (20%) and value terms (30%).
The Cupertino giant is also set to launch its first brick-and-mortar retail store in Mumbai next month, followed by a second store in Delhi, shortly after.
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