iPhone exports from India in 2024: Apple is set to reach Rs 1 lakh crore in iPhone exports from India in calendar year 2024, thanks to the government's production-linked incentive (PLI) scheme and rising premiumization trends. Apple exported more than $12 billion worth of iPhones last year, an increase of more than 40 percent from 2023, according to early industry estimates.

According to estimates, Apple's domestic production has increased by about 46 percent compared to a year ago. The Cupertino (California)-based tech giant manufactured/assembled iPhones worth $14 billion in India in the last financial year (FY24), of which iPhones worth over $10 billion were exported.

Meanwhile, the Apple ecosystem has also created 1,75,000 new direct jobs in four years, of which “more than 72 percent are women”. 2024 turned out to be the year of Apple in India, where the tech giant set new export as well as domestic sales records, driven by rising premiumization trends, the government's PLI scheme and aggressive retail expansion. According to industry experts, Apple's strategic approach in India over the past year has resulted in significant achievements and increased market importance.

According to Tarun Pathak, research director, mobile devices and ecosystem at Counterpoint Research, Apple has gained share in India due to highly aspirational youth appeal, strong consumer engagement, channel and manufacturing expansion as well as solid marketing campaigns. “Premiumization in India, coupled with easily available financing, increases the affordability of premium smartphones, making it beneficial for Apple to focus exclusively on this segment,” Pathak said. Apple's growth in India is expected to continue with significant momentum in the coming year, driven by aggressive retail expansion, targeted marketing strategies and deep penetration into the ambitious Indian market.

Meanwhile, the value of India's smartphone market is estimated to cross $50 billion by 2025 due to the ongoing trend of premiumization and emphasis on local manufacturing. According to the latest research from Counterpoint's 'India Smartphone Outlook', the average retail selling price (ASP) of India's smartphone market is expected to cross the $300 mark for the first time this year. Apple is leading this change by providing competitive options in the premium and ultra-premium segments. Apple is expected to see strong demand for its Pro models, thanks to local manufacturing and recent price cuts across its iPhone lineup.