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Apple’s Bold Move: Aims for ₹1 Lakh Crore iPhone Production in India by End of FY24

In a concerted effort to strengthen its manufacturing presence in India, technology giant Apple is actively pursuing a significant production milestone of ₹1 lakh crore for iPhones by the end of the fiscal year in March 2024. This ambitious target follows Apple’s successful production surge, with iPhones valued at over ₹60,000 crore manufactured in the first seven months.

Apple

More About Apple’s Plan of iPhone Production

Notably, approximately 70% of iPhones produced in India are destined for international markets. In the current fiscal year, Apple has already exported an impressive ₹40,000 crore ($5 billion) worth of iPhones between April and October, surpassing the total export figure for 2023.

Amidst global economic challenges and a downturn in electronics consumption, Apple’s focus on bolstering production capacity at its manufacturing partners has played a pivotal role. Even if the ₹1 lakh-crore mark is not reached by the fiscal year’s end, industry experts foresee a strong likelihood of achieving this milestone in the first quarter of FY25.

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image 604 Apple's Bold Move: Aims for ₹1 Lakh Crore iPhone Production in India by End of FY24

A key element of Apple’s strategy involves addressing the heightened festive demand in the West, particularly in the United States. Despite external challenges, the pursuit of the ₹1 lakh-crore target is viewed as a complex yet feasible endeavor.

The preceding fiscal year witnessed a historic milestone for Apple, becoming the first single brand to exceed $5 billion in exports from India. Industry insiders attribute this success to Apple’s strategic focus on India as a crucial market and its broader vision of establishing the nation as a key manufacturing and export hub.

Navkendar Singh, Associate Vice President of Client Devices and IPDS at IDC India, praised Apple’s export figures, emphasizing their alignment with the company’s strategic goals in the Indian market. Singh highlighted Apple’s commitment to transforming India into a manufacturing and export stronghold in the medium to long term.

image 605 Apple's Bold Move: Aims for ₹1 Lakh Crore iPhone Production in India by End of FY24

Apple’s intricate production network in India involves manufacturing giants Foxconn and Pegatron in Tamil Nadu, along with Wistron (now under Tata Group) in Karnataka. Operating under the government’s production-linked incentive (PLI) scheme for smartphone manufacturing, these entities are obligated to provide quarterly reports on production, exports, investments, and employment data.

In the previous quarter, Apple achieved a new revenue peak in India, surpassing its performance in other global markets, according to CEO Tim Cook. The primary driver of this success was robust iPhone sales from July to September, experiencing a noteworthy 34% year-on-year growth, marking the highest quarterly shipments ever, surpassing 2.5 million units, as reported by Counterpoint Research.

image 606 Apple's Bold Move: Aims for ₹1 Lakh Crore iPhone Production in India by End of FY24

Despite the comparatively lower average selling prices in India, Apple remains resilient. Luca Maestri, the company’s CFO, attributed this resilience to providing more affordable options such as instalment plans and trade-in choices.

Cook emphasized Apple’s robust double-digit growth in India, highlighting its significance as an “incredibly exciting market” and a primary focus for the company. Despite India being predominantly an ‘Android‘ market, Cook sees this as an advantage, providing ample space for Apple to expand. He described India as an “extraordinary market” characterized by a growing middle class and numerous positive prospects for Apple’s future in the country.

Buy iPhones from Amazon: https://amzn.to/47H1sNV

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