The most influential Apple analyst on the planet, Ming-Chi Kuo: In 2024, India will produce 20-25% of iPhones.
The base model Apple 17 will undergo the development process in India, marking Apple's first foray into developing new Apple models outside of China.
Renowned Apple analyst Ming-Chi Kuo revealed Apple's production and expansion plans in India in an article on November 2nd.
According to Kuo, the new product introduction process (NPI) for the entry-level iPhone 17, which will be released in the following year, is expected to start in India in the second half of 2024.
Kuo stated that this marks the first time Apple will develop a new iPhone model outside of China. He pointed out that the entry-level iPhone model was chosen because of its lower design and development difficulty, which helps reduce design risks.
Kuo further predicted that Apple's production capacity in India will continue to increase. By 2023, India is expected to account for 12-14% of global iPhone shipments, with Foxconn owning 75-80% of iPhone production capacity in India. If everything goes smoothly, Kuo believes that by 2024, the proportion of iPhones produced in India will increase to 20-25%.
In addition, Kuo also mentioned that Apple plans to strengthen its relationship with the Indian government by making local conglomerate Tata the iPhone assembler. Tata has acquired Wistron's iPhone production line in India. This strategic move is expected to benefit the future sales of iPhones and other products in India, and is crucial for Apple's growth in the next decade.
According to the latest data released by Counterpoint Research, India surpassed France and Germany for the first time in the second quarter of this year, becoming the fifth largest market for Apple iPhones, contributing nearly 4% of total iPhone sales, with a year-on-year growth of 50%. In the third quarter of 2023, Apple's shipments in India exceeded 2.5 million units.
Currently, the top five markets for Apple iPhones are the United States, China, Japan, the United Kingdom, and India. Although Apple's market share in the Indian smartphone market is only 5%, Apple CEO Tim Cook has long regarded India as a potential growth area.