Apple’s India sales hit new high in FY24

PLI Boost:

•  Mobile phone exports from China down from $136.3 bn in FY23 to $132.5 bn in FY24
•  Vietnam saw drop from $31.9 bn in FY23 to $26.27 bn in FY24

New Delhi: As China and Vietnam falter amid India’s push for domestic manufacturing owing to the production-linked incentive (PLI) scheme, tech giant Apple saw a robust around $8 billion sales in the country in the last fiscal (FY24) - a nearly 33 per cent rise (year-on-year).

According to sources, most of the growth was driven by iPhones amid the premiumisation trend that has solidified in the world’s second-largest smartphone market.

Not just robust domestic sales, the Cupertino-based company has also broken export records and according to industry estimates, iPhone shipments are projected to increase by over 20 per cent this year on the back of domestic manufacturing support and strong distribution. “Premiumisation has started and Apple has once again got the timing right,” said Tarun Pathak, Research Director at Counterpoint Research.