$14 billion and counting: Apple takes a significant bite of the ‘made in India’ push

$14 billion and counting: Apple takes a significant bite of the ‘made in India’ push

It has been a few years since Apple started assembling iPhones in India. However, in the last couple of years, the Cupertino-based tech giant has taken huge strides in streamlining assembly operations in India and is yielding results. According to a report by Bloomberg, in fiscal year 2024, Apple has assembled iPhones worth $14 billion in India.

Apple has two major manufacturing partners in India — Foxconn and Pegatron. As per the report, Foxconn constituted close to 67% of the assembled iPhones whereas Pegatron assembled 17% of the iPhones. Tat Group, which took over Wistron’s plant in Karnataka, made the remaining 6% of iPhones. The report says that about 1 in 7 iPhones assembled in the world are now being done in India.

Apple’s big India push

In the last two years, Apple has been upping the ante in India — both in manufacturing and retail. Till the last few years, it was the older generation of iPhone models which were assembled in India. However, currently Apple assembles the iPhone 15 models as well in India.

In terms of manufacturing, reports have suggested that Apple is looking to diversity out of China and has been looking at other markets. India is expected to be a key player in Apple’s future manufacturing plans. However, China will remain integral to the company’s plans as made clear by Apple CEO Tim Cook on a recent visit to the country.

Apple has also opened its first retail stores in India. The two stores — Apple BKC and Apple Saket — were inaugurated by Cook in Mumbai and New Delhi respectively in April 2023. Rumour has it that Apple in the next few years will open a couple of more retail outlets.

Apple has emerged as the top player in the country’s premium smartphone market, as per Counterpoint Research in November 2023. Apple’s market share still remains low as India remains a predominantly Android market but it has started to make inroads.

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