Apple’s business in India has reached a huge milestone, with its operations valued at over ₹2 lakh crore ($23.5 billion) in FY24. This growth is driven by a big increase in iPhone production and strong sales of products like MacBooks, iPads, Watches, and AirPods. This is a significant jump from ₹1.15 lakh crore the previous year, making Apple one of the fastest-growing companies in India’s history.
India now plays a key role in Apple’s global operations, contributing around 14% to the company’s total production, up from 7% in FY23. A large part of this comes from iPhone exports, which were valued at around ₹1.35 lakh crore ($15 billion) last year.
Apple’s success in India is largely due to the government’s production-linked incentive (PLI) scheme, which started in 2020. The company began manufacturing iPhones in India in 2021, and production has been steadily increasing ever since. Three major contract manufacturers—Foxconn, Wistron, and Pegatron—help Apple produce iPhones in India, with Foxconn running the largest factory employing 41,000 people.
Local manufacturing has also helped boost Apple’s sales within India, where the company made around ₹68,000 crore ($8 billion) in domestic sales in FY24. This includes not just iPhones, but also MacBooks, iPads, and other products. Though Apple’s market share in India is still less than 6%, it has grown from 2% in FY18.
Apple’s operations in India have also created over 150,000 direct jobs since 2021. Despite a slight decline in smartphone shipments in India, Apple’s presence and impact continue to grow. The company’s CEO, Tim Cook, emphasized the importance of India as a key market during his visit in April and during earnings calls, stating that the country is a major focus for Apple’s future growth.
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