Apple Achieves ₹1 Lakh Crore in iPhone Exports from India in 2024: Industry Insights
Click to start listening
New Delhi, Jan 13 (NationPress) Utilizing the government’s production-linked incentive (PLI) program and the increasing trend of premiumisation, Apple has accomplished ₹1 lakh crore in iPhone exports from India in the year 2024.
As per preliminary industry estimates, Apple exported over $12 billion worth of iPhones last year, marking a growth of more than 40 percent compared to 2023.
The company's domestic production has seen a remarkable surge of nearly 46 percent year-over-year, according to estimates.
The tech giant based in Cupertino (California) manufactured/assembled $14 billion worth of iPhones in India during the last fiscal year (FY24), exporting more than $10 billion worth of these devices.
Additionally, the Apple ecosystem has generated 175,000 new direct jobs within four years, with over 72 percent of these roles filled by women.
The year 2024 has been pivotal for Apple in India, witnessing record exports and domestic sales fueled by the premiumisation trend, the government’s PLI scheme, and robust retail expansion.
Industry experts have noted that Apple’s strategic initiatives in India over the past year have led to substantial achievements and heightened market relevance.
Tarun Pathak, Research Director at Counterpoint Research, noted that Apple has captured market share in India due to its appeal among the aspirational youth, strong customer engagement, channel and manufacturing growth, and impactful marketing strategies.
“The trend of premiumisation in India, paired with accessible financing, enhances affordability for high-end smartphones, which aligns with Apple’s exclusive focus on this market segment,” Pathak added.
Apple's upward trajectory in India is anticipated to maintain strong momentum in the upcoming year, driven by aggressive retail expansion, tailored marketing efforts, and deeper engagement with the aspirational Indian consumer base.
Meanwhile, India’s smartphone market is expected to exceed $50 billion in value by 2025, propelled by the ongoing premiumisation trend and emphasis on local manufacturing.
The average retail selling price (ASP) in India’s smartphone market is projected to surpass $300 for the first time this year, according to recent research from Counterpoint’s ‘India Smartphone Outlook’.
Apple is at the forefront of this shift by providing competitive offerings in both the premium and ultra-premium categories. Anticipation remains high for strong demand for its Pro models, spurred by local manufacturing and recent price adjustments across its iPhone lineup.
