According to Bloomberg, Apple assembled US$14 billion (Note: currently about 101.36 billion RMB) of iPhones in India last fiscal year, doubling its output value. Apple is currently As much as 14% of iPhones are produced in India.
Of the iPhones made in India, Foxconn and Pegatron assemble nearly 67% and about 17% respectively. Tata Group last year took over Wistron Group’s factory in the southern Indian state of Karnataka, which manufactures the remaining Indian iPhones produces iPhone.
Apple is “increasing” manufacturing in India, and they plan to increase “Made in India” iPhone production by 5 times in 5 years. Foxconn Technology Group, which is part of Apple’s supply chain, has invested at least US$1 billion (currently approximately 7.24 billion RMB) in one of its Indian factories. Foxconn is expected to allocate approximately US$2.7 billion (currently approximately 19.548 billion RMB) for the Indian factory. ) budget to strengthen the Indian assembly industry chain and expand iPhone production capacity.
▲ Apple’s first retail store in India opened in Mumbai, and Tim Cook was present in person
Apple currently has two Apple Stores in India and plans to open three more retail stores in India by 2027. Apple makes models in India from the older iPhone 12 to the latest iPhone 15, but not the higher-spec Pro and Pro Max models.
Apple’s long-term investment in the Indian market is starting to pay off. A report released by Morgan Stanley in February stated that Apple’s revenue in India will increase 42% year-on-year in 2023, reaching $8.7 billion (approximately 62.9 billion RMB). iPhone shipments in India rose 39% year-on-year to 9.2 million units in 2023, making it Apple’s fifth-largest smartphone market. Morgan Stanley added that India’s iPhone business is now larger than that of any single EU country. If India continues on the same growth trajectory and Chinese iPhone shipments remain flat, India will become a larger iPhone market than China by 2027.
