This story was first published on the Benzinga India portal.
Apple Inc. AAPL has reported a remarkable surge in its iPhone exports from India, with the figures for April nearly doubling to $1.1 billion, up from $580 million in the previous year.
As reported by The Economic Times, this robust start has stimulated predictions that Apple’s exports could surpass the $13 billion mark, solidifying India‘s place as its second-largest iPhone manufacturing hub after China. Presently, approximately 14%-15% of Apple’s total iPhone production occurs in India, with projections to reach 26% by 2026.
In FY2024, Apple’s total production in India reached $14 billion, with exports making up over $10 billion. This represents the highest annual export value by any company in India.
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Apple operates through its contract manufacturers Foxconn, Wistron, and Pegatron, all of which benefit from India’s production-linked incentive (PLI) scheme. Foxconn is leading the way in exports, managing more than 70% of the shipments. Wistron, now owned by Tata Group, and Pegatron, currently in discussions for a majority stake sale to Tata, also contribute significantly.
April’s surge indicates that Apple might surpass the fourth-year targets of the PLI scheme. While Apple and a few other companies, such as Samsung and Dixon Technologies, consistently meet PLI targets, many beneficiaries grapple with achieving their set goals. Meanwhile, Apple’s market presence in India is steadily increasing, with a 38% YoY growth and aspirations to elevate its local market share into double digits from around 7% in FY24.
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