Apple, following its recent iPhone launch, is reportedly set to increase its production in India, with an ambitious target of reaching around $40 billion over the next 4-5 years.
This is a significant leap from the $7 billion milestone achieved in the last fiscal year.
According to a report by PTI, it is part of Apple's broader strategy to strengthen its presence in the Indian market, where it has already established itself as the largest exporter of mobile phones.
Apple's expansion efforts are not solely focused on ramping up iPhone production; the company is also considering manufacturing AirPods within the country.
However, the production of iPads or laptops in India is not an immediate priority. The primary objective is to augment the existing production levels.
Despite facing a slight decline in iPhone sales during the first nine months of the current fiscal year and a marginal decrease in the global wearable, home and accessories segment, Apple continues to dominate the ultra-premium segment in India.
The company held a commanding 59 per cent market share in the first quarter of 2023. Apple's commitment to India is evident in its initiative to make 'made-in-India' iPhones available globally on the same launch day, marking a significant milestone.
Meanwhile, India is actively seeking to expand its electronics industry, targeting a $300 billion industry size by 2026. This endeavour is driven by increased smartphone production and a global push to diversify supply chains away from China. Rajeev Chandrasekhar, India's junior minister for technology, highlighted these ambitions earlier this month.
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