Apple produced iPhones worth Rs. 1 lakh crore in India in 2023; surpasses $5 billion dollar exports mark
Apple became the forest singular brand to surpass the $5 billion export mark from India in 2023.
ADVERTISEMENT
Apple in India produced iPhones worth more than Rs. 1 lakh crore in 2023. iPhones worth around Rs. 65000 crore were Made in India and exported between January and December.
In 2022, Apple ramped up its manufacturing output significantly in India. ET reported that the production figures far exceeded the targets under the production-linked incentive (PLI) scheme and may potentially allow Apple’s contract manufacturers to receive more residual incentives depending on the outlay.
The Indian Government has been trying to capture the eyes of manufacturers shifting supply chains form China and this feat by Apple is nothing short of a win.
Apple is probably India’s largest smartphone manufacturer by sheer volume. As per a Counterpoint report, Apple’s market share increased from 2 percent in FY18 to 6 percent in FY23. While the next biggest manufacturer, Samsung’s market share dropped from 26 percent to 20 percent in the same five years.
The report also stated that Apple’s India business jumped from Rs. 13097 crore to Rs. 49322 crore. Samsung’s revenue on the other hand increase from Rs. 37349 crore to Rs. 70292 crore.
Apple has three contract manufacturers in India. Foxconn, Pegatron and Tata’s Wistrom. All three manufacturers will be getting sops under the PLI scheme.
Apple became the forest singular brand to surpass the $5 billion export mark from India in 2023. Pioneered by iPhones, India’s total smartphone export mark reached Rs. 90000 crore in FY23 as per reports.
