INDIA: Tech giant Apple is set to significantly increase its manufacturing operations in India, with plans to ramp up production to approximately $40 billion (Rs 3.32 lakh crore) within the next four to five years, according to government sources.
Over the past few years, Apple has intensified its presence in India, pledging substantial investments in the world’s second-largest smartphone market. In the previous financial year, the company achieved a production milestone, surpassing $7 billion.
In addition to iPhones, Apple intends to commence production of AirPods in India in the upcoming year. The company’s global sales figures for the fiscal year concluding on September 25, 2022, were impressive, with iPhones accounting for $191 billion and other products, including wearables, home, and accessories, contributing $38.36 billion.
However, in the initial nine months of the current fiscal year, iPhone sales saw a slight dip of around 4 percent, totalling $156.77 billion, while the wearable, home, and accessories segment experienced a marginal decline, amounting to $30.52 billion.
Apple has secured its position as the leading exporter of mobile phones from India. Industry sources revealed that the iPhone 15 series witnessed an astounding 100 percent surge in sales compared to the previous iPhone 14 series on its launch day.
Notably, four models have been introduced in the iPhone 15 series, with two variants, the iPhone 15 and iPhone 15 Plus, being produced in India. For the first time, the ‘made-in-India’ iPhones were made available on the same day as their global release.
A recent report from Morgan Stanley indicated that India is poised to be a significant growth driver for Apple, both in terms of revenue and expanding its user base over the next five years. Analysts project that Apple’s business in India could potentially reach a valuation of $40 billion within the next decade.
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