Apple Plans To Increase Production Over Five Times In India In 5 Years: Report As per the report, the company has crossed the $7 billion production mark in the last financial year
By Teena Jose
Opinions expressed by BIZ Experiences contributors are their own.
You're reading BIZ Experiences India, an international franchise of BIZ Experiences Media.
AppleInc. has plans to scale up production in India by over five-fold to around $40 billion (about 3.32 lakh crore) in the next 4-5 years, according to a PTI report, citing government sources, adding that the company has crossed the $7 billion production mark in the last financial year.
"Apple has plans to increase production in India to over $40 billion in the next four-five years. It has crossed $7 billion in the last fiscal. Also, they don't have any plans to participate in IT hardware PLI. They may come at a later stage but as of now their focus is to scale up existing production levels," PTI quoted the official.
According to the report, the company globally sold iPhones worth $191 billion and products worth $38.36 billion in the wearable, home and accessories segment in the financial year ended on September 25, 2022.
In the first nine months of the current fiscal, the company recorded about a 4 per cent dip in iPhone sales at $156.77 billion and a slight decline in the wearable, home and accessories segment at $30.52 billion, it further stated.
As per available sources, sales of Apple's iPhone 15 series reportedly registered a 100% growth compared to that of the iPhone 14 series on the launch day on Friday.
According to market research firm Counterpoint Research, Apple led the ultra-premium segment, with phones priced above INR 45,000 apiece, with 59% market share in the first quarter of 2023 and India is among the top-five markets for the company now.
