India’s Apple iPhone exports reportedly reached Rs 10,000 crore in May this year, the total exports of smartphones from the country to Rs 12,000 crore during the month, as per industry data.
Apple iPhone exports from India surged nearly four times to over $5 billion in fiscal 2022-23 as the company ramped up local production of its devices
India’s Apple iPhone exports reportedly reached Rs 10,000 crore in May this year, the total exports of smartphones from the country to Rs 12,000 crore during the month, as per industry data.
In April and May 2023, smartphone exports surpassed Rs 20,000 crore, two times more than Rs 9,066 crore in the corresponding period last year, according to India Cellular and Electronics Association (ICEA).
Apple iPhone exports from India surged nearly four times to over $5 billion in fiscal 2022-23 as the company ramped up local production of its devices.
According to the report, Apple accounted for 80 per cent of all smartphone shipments from India in India. The remaining 20 per cent was shared by Samsung and some other local brands.
The Cupertino-based company is diversifying its supply chains outside China and expanding its presence in India making it the new potential hub for premium smart devices.
After the Coronavirus pandemic, Apple Inc is shifting its focus towards India because of US-China geopolitical tensions and the Indian government’s ambitious Production-linked Incentive (PLI) scheme for smartphones.
India is shipping smartphones to several developing countries such as the United Kingdom, Italy, France, the Middle East, Japan, Germany and Russia.
According to a report by Bank of America, on the back of India’s production-linked incentive (PLI) scheme, Apple is expected to shirt 18 per cent of its global iPhone production in India by fiscal 2024-25, considering its share that stood at 7 per cent in fiscal 2022-23.
The ICEA report also outlined iPhone exports from India, which increased to Rs 40,000 crore in fiscal 2023. The growth was achieved within two years of the Rs 38,000 crore PLI scheme for mobile phones, which was approved in 2020. The iPhone exports in the financial year 2022-23 stood at Rs 11,000 crore.
In September 2020, Apple Inc launched its first online store in India.
Apple CEO Tim Cook visited India in April this year for the launch of two retail stores of the premium smartphone brand in Mumbai and New Delhi.