Apple’s India business surpasses USD 23 billion as manufacturing growth reaches 50-year high
iPhone manufacturing and domestic sales of MacBooks, iMacs, iPads, Watches and AirPods lifted the value of Apple’s India operations to over Rs 2 lakh crore ($23.5 billion) in FY24, top officials said, up from Rs 1.15 lakh crore in the year before. They told ET that Apple has likely exhibited the fastest growth in production and exports by any company in the last 50 years in India, making the Cupertino-based tech giant the largest global value chain (GVC) operating domestically. Apple is also the first GVC in India that is rapidly shifting in part of its supply chain from China.
According to the recent Economic Survey, India contributes around 14% to the US tech giant’s overall production, emerging as a key hub for its global exports. In FY23, India’s contribution was about 7%. iPhones dominate the numbers. Of the Rs 2-lakh crore valuation, iPhones worth a market value of around Rs 1.35 lakh crore ($15 billion) were exported last fiscal year, show calculations based on official data.
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Domestic sales of Apple products contributed around Rs 68,000 crore ($8 billion) in FY24, according to the calculations. In comparison, Apple exported iPhones with a market value of Rs 66,000 crore in FY23.
Apple’s share in India is less than 6%, though rising steadily from 2% in FY18, as the market is largely dominated by the Android ecosystem — led by Chinese brands such as Vivo and Xiaomi. Also, India revenue contributed less than 2% of the company’s global revenue of $383 billion in FY23. Apple follows an
