Apple's iPhone Exports From India Skyrocket, Surpassing $5B In Just 7 Months

Apple’s iPhone exports from India have hit a record high, crossing the $5 billion mark in just the first seven months of FY24 (April-October). That’s a jaw-dropping 177% jump compared to the same period last year when exports were at $1.8 billion. This surge has significantly contributed to India’s overall smartphone exports, which reached around $8 billion in the same timeframe, marking a 61% increase from the previous year.

What to know? The growth spurt is largely thanks to Apple’s ramp-up in manufacturing under India’s production-linked incentive (PLI) scheme for mobile devices. Now in its third year, this initiative has seen iPhones dominate the country’s smartphone export scene like never before. Over 62% of all smartphone exports from India are now iPhones, a significant leap from 45% in FY23 and just 22% in FY22.

See also: India Loves iPhones But Gives Macs and iPads Cold Shoulder: Report

Apple’s 2027 timeline in India: Apple’s large-scale exports began after joining the smartphone manufacturing race with the announcement of the ₹38,645 crore ($4.66 billion) PLI scheme. Taiwanese giants Foxconn and Pegatron, in Tamil Nadu, and the recently Tata-acquired Wistron in Karnataka, are churning out multiple iPhone models, including the 11, 12, 13, 14, and the newest iPhone 15.

This year, Tata Electronics is set to become the first Indian company to supply iPhones, as it has bought Wistron’s assembly lines in Karnataka for $125 million. Last fiscal year, Pegatron and Wistron exported most of their iPhone production, while Foxconn, the largest global iPhone manufacturer, produced various models, including the iPhone 15, for both Indian and global markets. This move signifies a significant shift in Apple’s manufacturing strategy and India’s growing prowess in the global smartphone market.

Read next: Big Fat Indian Weddings Set To Inject ₹4.74 Lakh Cr Into The Economy