The Apple Inc. business in India region surpasses the record US $28 billion as manufacturing peaks at 50 years high. Apple India’s operations crossed a whopping 2 lakh crore business in India including exports.
Apple was perviously assembling their iPhone through third party contractors from 2017. But then the story changes in 2021-22 when Apple started it’s official assembling of the iPhone, iPads, Mac book and other devices. This led to the surge in the Apple’s domestic manufacturing in India which led to the decreased price and increased sales of Apple products like iPhone, iPad, Mac book etc. which uplifted the total sales of the company to a whopping 2 lakh crore ($23.5 billion) in financial year 2024.
As reported by the top officials, the sales in FY24 is up by 1.15 lakh crore rupees by the last year. In the interview with the Economic Times that the growth that the Apple has exhibited in the last few years is estimated to be the fastest growing in terms of manufacturing and exports that has been reported in the last 50 years by any company in India, making the tech giant based in Cupertino the largest GVC (Global Value Chain) operating domestically in India. Apple is also the only first global value chain that is so rapidly shifting its manufacturing and supply chain from China to India.
In a recent survey, it was found that a major contribution of upto 14% of US based tech giants production is contributed by India, making India as an emerging and a key hub for its global exports. In the FY23, the same contribution of India was about 7% only but within a year it touched 14% clearly showing that how much India is rapidly developing and making it an important country for investments by the tech giants. As India also caters to a large domestic market providing them a extra edge over choosing other countries.
The major contribution behind the huge sales in FY24 for Apple comes from its domestic market amounting to a total of 68000 crore rupees while comparing to the exports in the FY23 which amounted rupees 66000 crores.
Apple contributes to less than 6% domestic market share in India, earlier in FY18 it was close to 2% only which shows the rapidly growing market share of Apple in Indian domestic market. The comparatively low market share of Apple with other brand in the market is because the market is dominated by Android ecosystem led by Chinese low cost mobile manufacturers like Oppo, Vivo, Xiaomi, Realme etc.
Even when the sales touched the record at 2 lakh crore for Apple in India but still the market contributes to only approximate of less than 2% of the total global revenue of the company. The global revenue of the company amounts to $383 billion in FY23. Based on market value, the iPhones produced in India was worth 1.8 lakh crore rupees in FY24. 75% of the iPhones from the total production which are valued at 1.35 lakh crore were manufactured for exports to Europe, the US, West Asia and elsewhere. While local domestic market accounts for only 45000 crore rupees.
