Apple Inc.’s iPhone exports from India surged 33% in the first six months of the fiscal year 2024, reaching nearly $6 billion. This increase puts Apple on track to exceed $10 billion in exports by year-end, highlighting a strategic shift as the company diversifies production away from China amid growing geopolitical tensions. The company also set a record last fiscal year by doubling its India production to $14 billion, with $10 billion in exports.
Three main suppliers—Foxconn Technology Group, Pegatron Corp., and Tata Electronics—are leading the charge in iPhone assembly across India. Foxconn’s facility near Chennai produces roughly half of the iPhones exported from India. Meanwhile, Tata, after acquiring Wistron’s operations, became the first Indian company to assemble iPhones, contributing $1.7 billion in exports from its Karnataka facility between April and September.
India now leads Apple’s smartphone exports to the U.S., with smartphone shipments totaling $2.88 billion in the first five months of the fiscal year, marking a significant increase from the mere $5.2 million in annual exports five years ago. Government incentives have also enabled Apple to assemble premium models, such as the iPhone 16 Pro and Pro Max, locally.
Apple is further expanding its retail presence, opening flagship stores in Mumbai and Delhi in 2023, with plans for new locations in Bangalore and Pune. While India accounts for less than 7% of Apple’s local smartphone market share—dominated by brands like Xiaomi and Oppo—the company sees high growth potential driven by an expanding middle class and rising consumer aspirations.
Despite these gains, China remains critical to Apple’s supply chain for both manufacturing and sales. However, India’s increased role underscores Apple’s long-term strategy to build a resilient supply chain and reduce dependency on China. Analysts estimate Apple’s revenue in India could reach $33 billion by 2030, fueled by increased purchasing power and consumer financing options.
