Apple to Increase India Production to $40 Billion
Apple Inc. intends to more than fivefold its production in India over the next five years, according to PTI, citing unidentified government officials.
According to the same official, the company’s production in the country topped $7 billion in the previous fiscal year and is aiming for $40 billion this year. Apple did not react to an email sent after office hours.
According to the news wire, Apple makes iPhones in India and expects to begin producing AirPods next year. In a first, the Cupertino-based phonemaker released its India-made iPhone 15 on the same day as the global release.
Apple sold $191 billion in iPhones and $38.36 billion in wearable, home, and accessory items worldwide in the fiscal year that ended on September 25, 2022.
In the first nine months of the current fiscal year, Apple reported a 4% dip in iPhone sales to $156.77 billion, as well as a slight decrease in the wearable, home, and accessories segment to $30.52 billion.
The business has even surpassed Nokia as India’s leading mobile phone exporter. According to industry sources, Apple’s iPhone 15 series sales climbed by 100% on Friday compared to the iPhone 14 series.
The iPhone 15 series includes four devices from Apple. The iPhone 15 and iPhone 15 Plus are also manufactured in India.
For the first time, Apple made’made-in-India’ iPhones available on the same day it began selling the handsets in other areas of the world.
According to Counterpoint Research, Apple topped the ultra-premium class, with phones priced above $45,000, with a 59 percent market share in the first quarter of 2023, and India is now among the company’s top-five markets.
Meanwhile, India’s junior minister for technology, Rajeev Chandrasekhar, told earlier this month that the country is hoping to boost its electronics industry to $300 billion by 2026 as a result of increased smartphone production and a global push to de-risk China-based supply chains.