Apple sourced 14% of its iPhones from India in fiscal 2024. That means around 1 iPhone out of every 7 iPhones was made in India. Apple assembles the iPhones in India, but the component manufacturing still doesn't happen locally. According to Bloomberg, the value of the iPhones that Apple assembled in India in fiscal 2024 was $14 billion.
Foxconn is the largest supplier of Made in India iPhones. It accounts for about 67% of the overall output of iPhones from India while Pegatron Corporation stands second at 17%. The remaining is made by the Tata Group, which took over Wistron's Plant in Karnataka last year.
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Apple is already offloading production capacity from China and investing in India and Vietnam to diversify risk. In the coming years, India and Vietnam will produce an even larger share of iPhones for Apple. Tata Group is also reportedly in talks with the Pegatron group to take over its plant located near Chennai to assemble iPhones.
With the PLI (Production Linked Incentive) scheme and affordable labour, tech giants such as Apple and other corporations will look to scale their production value in India in the next few years. Tata Group is eyeing to assemble iPhones in India, as it is already building a new plant in Hosur, Tamil Nadu, with Pegatron.
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Apple opened flagship stores, the first two in India in Mumbai and Delhi last year. Tim Cook, CEO of Apple, had attended the opening, signifying the importance of the Indian market for the company. Apple is also planning to open more company-owned stores in major Indian cities such as Bengaluru.
Made-in-India iPhones don't mean 'more affordable' iPhones for Indians because the components still have to be sourced from outside, which keeps the costs up only.
