Apple Expands India's Production, Increasing Its Output Value to $40 Billion within 4-5 Years
With the increasing number of orders for the Apple iPhone 15 series in India and the increasing export volume of iPhones manufactured in India, Apple plans to expand production fivefold in the coming years.
Apple plans to expand its production value from $7 billion in the previous fiscal year to $40 billion in the next 4-5 years, adding that it expects to produce AirPods, but has no plans to produce iPads or Macbooks in India.
Foxconn's Representative in India V Lee recently posted that the group's goal is to double India's employment, foreign direct investment, and corporate size. V. Lee did not provide a detailed timeline for Foxconn's expansion plan in India. According to reports, Foxconn has 40000 employees in India.
Morgan Stanley analysts stated in a July report that India may be the main driving force behind Apple's iPhone's five-year revenue and sales growth, accounting for 15% of Apple's revenue growth and 20% of sales growth during the same period.
According to Counterpoint data, Apple's iPhone's smartphone market share in India is expected to increase from 5% in the first half of 2023 to 7% by the end of the year. The iPhone 15 Pro model may account for 25% of the overall iPhone 15 series share in the fourth quarter of this year. Industry insiders reported that compared to last year's iPhone 14 series, Apple's iPhone 15 series has doubled its bookings in India.
Another reason for Apple's expansion of production scale is the surge in iPhone exports from India. Industry data shows that the share of iPhone in India's overall smartphone exports has increased from 9% of 8 million units in the second quarter of 2022 to 49% of 12 million units in the second quarter of 2023, surpassing Samsung Electronics' share of 45%.
Foxconn's Representative in India V Lee recently posted that the group's goal is to double India's employment, foreign direct investment, and corporate size. V. Lee did not provide a detailed timeline for Foxconn's expansion plan in India. According to reports, Foxconn has 40000 employees in India.
Morgan Stanley analysts stated in a July report that India may be the main driving force behind Apple's iPhone's five-year revenue and sales growth, accounting for 15% of Apple's revenue growth and 20% of sales growth during the same period.
According to Counterpoint data, Apple's iPhone's smartphone market share in India is expected to increase from 5% in the first half of 2023 to 7% by the end of the year. The iPhone 15 Pro model may account for 25% of the overall iPhone 15 series share in the fourth quarter of this year. Industry insiders reported that compared to last year's iPhone 14 series, Apple's iPhone 15 series has doubled its bookings in India.
Another reason for Apple's expansion of production scale is the surge in iPhone exports from India. Industry data shows that the share of iPhone in India's overall smartphone exports has increased from 9% of 8 million units in the second quarter of 2022 to 49% of 12 million units in the second quarter of 2023, surpassing Samsung Electronics' share of 45%.