iPhone Exports Skyrocket: India's ₹50,000 Crore Breakthrough!

India is witnessing a remarkable surge in the export of iPhones, with recent reports indicating that exports have reached approximately $6 billion (over ₹50,000 crores) in just the first half of this year. This marks a significant growth of nearly one-third compared to the previous year. As Apple ramps up its manufacturing capabilities in India, projections suggest that total exports could exceed $10 billion (around ₹85,000 crores) by the end of the financial year 2024.

The expansion of Apple's iPhone manufacturing network in India is being fueled by local incentives and a skilled workforce. In light of rising tensions between the United States and China, India is strategically positioning itself as a crucial player in Apple's efforts to reduce reliance on Chinese manufacturing. This shift is not only beneficial for Apple but also enhances India's role in the global electronics supply chain.

Key suppliers like Foxconn and Pegatron are collaborating with Tata Electronics to bolster production. Foxconn has established an assembly unit near Chennai, while Tata Group’s factory in Karnataka has already exported iPhones worth $1.7 billion between April and September. This collaboration underscores Apple's commitment to expanding its footprint in India, particularly after acquiring the Tata factory from Wistron.

Notably, iPhones have become the second-largest export product from India to the United States, with exports valued at $2.88 billion in the first five months of this year. However, despite this success in exports, Apple holds only a 7% market share within India itself. The company is actively working to increase its presence through new retail outlets, including its first store launched by CEO Tim Cook in New Delhi. Looking ahead, Bloomberg estimates that iPhone sales in India could soar to $33 billion by 2030, reflecting Apple's ambitious growth strategy in the region.