Apple’s Made in India exports have increased by 162% in value and 65% in volume year over year, a recent study by Counterpoint Research has revealed.
This has resulted in an increase in the brand’s value share from 12 per cent in 2021 to 25 per cent in 2022.
In 2022, the export sector’s share of ‘Made in India’ smartphone shipments peaked at 30 per cent in terms of value and 20 per cent in terms of volume.
However, the overall smartphone shipments in 2022 fell by 3 per cent YoY to 188 million units due to weakening consumer demand in the second half of the year.
The year 2022 was a solid year for local manufacturing and localisation, as increasing exports from Apple and Samsung drive locally manufactured shipments, offsetting the impact of the local demand decline, research director Tarun Pathak stated, while noting that the recent disbursement of PLI incentives from the government, as well as other initiatives at both the central and state levels, had boosted overall local manufacturing.
Going forward, we may see the country reaping benefits of the PLI scheme thanks to increasing exports from Apple and Samsung, said the report.