HomeAmericasBusinessApple Exported ‘India-Made’ iPhone Worth Rs 65,000 Crore In 2023

Apple Exported ‘India-Made’ iPhone Worth Rs 65,000 Crore In 2023


Apple Exported ‘India-Made’ iPhone Worth Rs 65,000 Crore In 2023

CHENNAI, (IANS) – As India doubles down on local manufacturing, Apple assembled iPhones worth more than Rs 1 lakh crore in India in 2023, according to industry data.

Industry sources said on January 9 that out of Rs 1 lakh crore, Apple exported iPhones worth approximately Rs 65,000 crore to other countries.

However, according to industry sources, the actual market value of the iPhones manufactured/assembled in India could be much higher, depending on taxes in other countries.

Led by Apple, India is set to cross $15 billion in mobile phone exports in the current fiscal year (FY24), posting a growth of 35 percent over the last fiscal year.

Apple’s revenue in India hit nearly Rs 50,000 crore in FY23, with sales increasing 48 percent to Rs 49,321 crore and net profit rising 76 percent to Rs 2,229 crore — fastest growth of net profit for Apple in India in the last five years.

Driven by domestic manufacturing, Apple iPhones were set to garner around 7 percent market share in the Android-dominated smartphone market in India in 2023.

The country is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers, and companies dealing in components and parts.

Mobile phone exports are expected to account for about 58 percent of the overall electronics exports in FY24, compared to around 47 percent in the previous fiscal year.

Apple is aiming to manufacture more than 50 million iPhones in India per year, as it aims to shift some of the production out from China.

The tech giant aims to achieve the target within the next two to three years, with additional tens of millions of units planned after that, according to reports. If Apple achieves this target, India will account for a quarter of global iPhone production.

China will remain the largest iPhone producer, a Wall Street Journal report mentioned in December.

From Apple to Foxconn, the companies are aiming to leverage domestic capabilities to achieve supply chain diversification and scale up production by manufacturing in the country.–

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