Apple Inc.’s Indian operations have reached a significant milestone, surpassing $20 billion in revenue in just three years since commencing manufacturing in the country. This remarkable achievement underscores Apple’s strategic focus on India as a crucial growth market.
According to Economic Times, Apple’s business in India has experienced a substantial upswing, exceeding $23 billion (₹2 lakh crore) in FY24. This represents a significant increase from ₹1.15 lakh crore ($13.7 billion) recorded in the previous year, making it the highest manufacturing growth by any company in India in the past 50 years.
This impressive growth trajectory can be attributed to Apple’s intensified focus on local manufacturing and its efforts to cater to the growing demand for iPhones in India. The report highlights the fact that India contributed 14% to Apple’s overall production in FY24, almost doubling from a contribution of 7% in FY23. This strategic shift has also resulted in iPhone exports from India reaching around $15 billion in the last fiscal year.
Apple’s domestic sales in India also saw a substantial surge, reaching ₹68,000 crore in FY24. This success story makes Apple the first major global tech company to successfully shift a significant portion of its supply chain from China to India.
The company’s focus on India is also evident in its recent financial results. Apple’s Q3 revenue increased by 5% year-on-year to $85.8 billion, with Mac revenue increasing by 2% powered by the strong performance of the M3-powered MacBook Air in markets like India.
Apple’s remarkable growth in India signifies its commitment to building a sustainable and robust presence in the country. This success story is expected to further solidify Apple’s position as a dominant player in the Indian smartphone market and attract further investments in the country’s manufacturing sector.
