Apple exports iPhones worth Rs 1 lakh cr from India in 2024: Report

With a 46% increase over the year, Apple's domestic production in 2024 is said in the paper to be $17.5 billion (Rs 1.48 lakh crore). Depending on the iPhone model, the local value addition—which was just 5–8% when India's Production-Linked Incentive (PLI) scheme for smartphones started—has now risen to 15–20%.

Of this, Apple exported $9 billion in value of iPhones in 2023, or three-fourths of domestic manufacturing by value for Apple, which was $12 billion. The $12.8 billion in 2024 represents the most for any individual product ever shipped from India. The PLI scheme has played an important role in attracting global smartphone manufacturers like Apple to scale up operations in India, and the feat marks the success of the scheme.

The production and export figures are FOB (freight on board) value, usually 60% lower than retail prices. At this rate, some experts estimate Apple will be a manufacturer of $30 billion a year in the near future. This would raise India's share of the total iPhone production in the world to over 26% from 14% currently.

Apple's retail plans in India have also played a role in its growth. As the world's second-largest smartphone market, India is heading toward premium devices. Apple's market share in the country is expected to expand even more, and iPhone sales are projected to increase by 20% in 2025, with 15 million units sold.

Challenging in it, doing it after the Indian government raised import duties and increased local sourcing in recent years is a crucial metric of success — a clear sign of India cementing its place as a critical supplier for Apple, given its skyrocketing ambitions to manufacture and sell premium devices in the country. These factors, coupled with Apple's targeted expansion, are ushering in a new era in Indian tech manufacturing.