Apple’s India Endeavor: Exports Hit $1.1 Billion in April, Eyes Rs 1 Lakh Crore Mark in FY25

Apple has kicked off the fiscal year 2025 with an impressive feat in India, with exports of iPhones manufactured in the country nearly doubling in April. Official data reveals a staggering jump from $580 million to $1.1 billion (Rs 9,000 crore) compared to the same period last year. This surge comes in April, typically considered a low-export month due to the absence of major festive sales worldwide, experts noted.

Based on this robust start, analysts anticipate Apple to surpass the Rs 1 lakh crore export milestone in FY25 as India solidifies its position as Apple’s second manufacturing hub for iPhones outside of China. Currently, iPhones are exclusively manufactured in India and China, with experts estimating that production shifted from China to India accounts for 14–15% and is projected to reach 26% by 2026.

A substantial portion of Apple’s India production is earmarked for exports. In FY24, the company’s total production in India soared to $14 billion (Rs 1.2 lakh crore), with exports crossing the $10 billion (Rs 85,000 crore) mark. These figures stand as record highs achieved by any company in India for a single financial year.

It’s essential to note that the export figures reflect the freight on board (FOB) value at the factory gate, with retail prices typically marked up by approximately 60%.

Apple collaborates with three contract manufacturers in India—Foxconn, Wistron, and Pegatron—all beneficiaries of the smartphone Production-Linked Incentive (PLI) scheme.

Foxconn, headquartered in Taiwan and the world’s largest contract manufacturer, leads the pack in exporting India-made iPhones, contributing over 70% of the share, followed by Wistron (27%), while Pegatron handles the remaining portion. Notably, Wistron is now under the ownership of the Tata Group, while Pegatron is in discussions with the Indian conglomerate for a majority stake sale.

Bolstered by the momentum witnessed in April, Apple is on track to surpass targets in the fourth year of the PLI scheme, officials affirmed. Apple’s contract manufacturers are among the select few that have consistently met PLI targets. Notable players like Samsung and Dixon Technologies have also been successful in meeting the goals for most, if not all, of the years since the scheme’s inception in FY21.

While the majority of iPhones manufactured in India are destined for foreign shores, the domestic market is also experiencing robust growth for Apple, surging over 38% year-on-year. Leveraging its expanding local manufacturing operations, Apple is aggressively striving to achieve a double-digit smartphone market share in India, aiming to elevate its share from around 7% in FY24.

In addition to its export prowess, the Apple ecosystem, comprising the three iPhone manufacturers and multiple vendors, has generated over 150,000 new jobs since the launch of the PLI scheme over the last three years.

Doubling down on its commitment to India, Apple, amidst geopolitical tensions and a slowdown in key US and China markets, has ramped up its presence by partnering with thousands of authorized resellers across the nation, alongside established retail chains such as Croma, Reliance Retail, and Vijay Sales. The company is incentivizing retailers with attractive margins and additional perks to bolster its push toward attaining double-digit volume share.

As the five-year PLI scheme enters its fourth year, mobile phone exports, particularly iPhones, have catapulted electronics to become India’s fifth-largest export category. In FY24 alone, India’s electronics exports surged by 23.6% to $29.1 billion, signaling the sector’s significant contribution to the country’s economic landscape.

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