Apple has seen tremendous growth in the Indian market. The Cupertino tech giant's business operations touched Rs 2 trillion in value in FY24. This is major growth compared to the Rs 1.15 trillion in the previous year. Apple isn't just selling in India, it is also assembling products and exporting them to other nations. The rise in production and domestic sales of several products such as the iPhones, Macs, iPads, Watches, and AirPods, has contributed to this growth. The numbers are likely to grow from here as more users upgrade to premium devices and Apple scales local production. The company is expected to shift a significant chunk of production capacity from China to India and Vietnam soon.
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According to an ET report, among all the companies in the country, Apple has shown the fastest growth in production and exports in the past five decades. Apple has become the largest global value chain (GVC) in India.
India accounts for 14% of the production of Apple products globally. This has increased from 7% in the previous year. iPhones are the most sought product from Apple throughout the world. The iPhones dominated the export figures for Apple, with the devices being valued at around Rs 1.35 trillion being shipped abroad in the previous financial year.
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As you read this, Apple is building more production capacity in India to manufacture and assemble products. Apple also opened its first two company-owned retail stores in India in 2023. This move is expected to be followed by more Apple stores in other parts of the country such as Bengaluru and Kolkata. The production value of iPhones is only going to go up from here in India.
