The launch of a new iPhone and Apple's loyalits flocking to stores and websites for the latest version, has become an annual tradition globally. India has also been a major market, with revenues from sales surging by 45 per cent in FY22, and a new unit in Bengaluru set to boost manufacturing. Thanks to the increased production capacity, Apple has exported made in India iPhones worth $1 billion in a single month, which is the highest ever by any brand.
Surpasses archrival Samsung
With this milestone, Apple has also surpassed its key rival Samsung, which had kickstarted the world's largest mobile factory in India last year. Apple's achievement also indicates the success of India's production linked incentives, which are aimed at encouraging local manufacturers. All top Apple suppliers, Foxconn, Wistron and Pegatron, already have factories in Chennai, and the biggest in India will be set up by Tata near Bengaluru.
India emerging as a viable alternative to China
Apple, which currently gets more than 85 per cent of its iPhones from China, is turning to India as an alternative to produce 50 per cent of all handsets from the country by 2027. As for wearables and other devices such as the MacBook laptop, Apple suppliers are considering Vietnam, with restrictions in China. The brand is also on track to export iPhones worth more than $9 billion from India in FY23.
India becoming a major electronics manufacturer?
Apart from the iPhone, India's exports of all electronic goods went up by more than 50 per cent in April to December 2022, as compared to the same period in 2021. Indian firm Vedanta has also announced a microchip-making unit in Gujarat in collaboration with Foxconn.
