Apple, hot on its heels of launching new iPhones, is reportedly gearing up to significantly enhance its production in India, aiming to hit around $40 billion in the coming 4-5 years, a substantial leap from the $7 billion mark achieved in the last fiscal year.
This ambitious plan, according to a PTI report, is part of Apple's broader strategy to deepen its roots in the Indian market, where it has already become the largest exporter of mobile phones.
What Happened? The company is not only focusing on escalating the production of iPhones but is also contemplating the manufacturing of AirPods in the country. However, the production of iPads or laptops in India is not on the immediate horizon, as the current focus is to augment existing production levels.
Despite facing a slight dip in iPhone sales within the first nine months of the current fiscal and a marginal decline in the wearable, home, and accessories segment globally, Apple continues to dominate the ultra-premium segment in India, holding a 59% market share in the first quarter of 2023. The company's commitment to India is evident as it made the ‘made-in-India’ iPhones available globally on the same launch day, marking a significant milestone.
Why it Matters? Apple's journey in India is not just about conquering the market share; it's about resonating with Indian consumers by offering products that align with international standards while catering to the unique Indian palate.
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