According to analysis, India's iPhone exports reached nearly $6 billion in the six months ending in September, an increase of one-third compared to the same period last year. It is estimated that by 2030, Apple's sales in India could reach $33 billion
Apple continues to expand its presence in India, driving the export and sales of iPhones in India.
On Tuesday, October 29th, according to Bloomberg citing sources, India's iPhone exports nearly reached $6 billion in the six months ending in September, a one-third increase from the same period last year, leading to an estimated annual export exceeding $10 billion for the fiscal year 2024.
Apple is rapidly expanding its manufacturing network in India, leveraging subsidies, skilled labor, and the country's technological advancements. The subsidies from the Modi government have aided Apple in assembling its high-priced iPhone 16 Pro and Pro Max models in India.
According to data from the Ministry of Commerce, iPhones account for a significant portion of India's smartphone exports. By the fiscal year 2024, Apple has assembled iPhones worth $14 billion in India, doubling its production, with around $10 billion of the products intended for export. Five years ago, before Apple expanded its manufacturing in India, India's annual smartphone exports to the United States were only $5.2 million.
Apple's three suppliers - Foxconn, Wistron, and Tata Electronics - all assemble iPhones in southern India. Foxconn's local subsidiary in India is located in the outskirts of Chennai, being the largest supplier in India, capturing half of India's iPhone exports.
Analysis: Apple's sales in India could reach $33 billion by 2030
Despite the surge in Apple product exports from India, Apple's market share in the Indian smartphone market is still less than 7%, with the market mainly dominated by Chinese brands like Xiaomi, Oppo, and Vivo.
Last year, Apple CEO Tim Cook launched Apple's stores in Mumbai, the financial center, and New Delhi, the capital. Currently, Apple plans to open new retail stores in Bangalore, the southern tech hub, and Pune, a western city.
The grand opening of new stores, marketing campaigns around the new stores, active online sales, and the growing desire of the middle class for Apple products have led to a new record of $800 million in annual revenue for Apple in India for the fiscal year ending in March.
Bloomberg Intelligence analysts Anurag Rana and Andrew Girard stated:
"We expect that by 2030, Apple's sales in India could reach $33 billion, primarily driven by the rising purchasing power of the middle class and increased usage of payment plans."