In a significant milestone, Apple has reached Rs 1 lakh crore (approximately $12 billion) in iPhone exports from India in the calendar year 2024. According to early industry estimates, this marks a growth of over 40 percent compared to 2023. Apple’s domestic production has also surged by nearly 46 percent from a year ago.
The Cupertino-based tech giant manufactured and assembled $14 billion worth of iPhones in India during the last fiscal year (FY24), with exports exceeding $10 billion. The Apple ecosystem has created 175,000 new direct jobs in India over the past four years, with more than 72 percent of these positions filled by women.
2024 has been a landmark year for Apple in India, driven by the government’s production-linked incentive (PLI) scheme, the rising trend of premiumization, and aggressive retail expansion. Industry experts highlight that Apple’s strategic approach in India has resulted in significant achievements and increased market importance.
Tarun Pathak, Research Director at Counterpoint Research, noted that Apple’s share in India has grown due to its strong appeal among aspirational youth, robust consumer connections, channel and manufacturing expansion, and solid marketing campaigns. “Premiumization in India, supported by readily available financing, boosts affordability for premium smartphones, benefiting Apple’s exclusive focus on this segment,” Pathak said.
Apple’s growth in India is expected to maintain significant momentum in the coming year, driven by further retail expansion, targeted marketing strategies, and deeper penetration into the aspirational Indian market. The Indian smartphone market is projected to exceed $50 billion in value by 2025, driven by the ongoing trend of premiumization and a push for local manufacturing.
The retail average selling price (ASP) of India’s smartphone market is expected to cross the $300 mark for the first time this year, according to the latest research from Counterpoint’s ‘India Smartphone Outlook’. Apple is leading this shift by offering competitive options in the premium and ultra-premium segments, with strong demand expected for its Pro models, driven by local manufacturing and recent price reductions across its iPhone lineup.
