iPhone Production in India hits $14 Billion in FY24 : Reports
Approximately 67% of India-made iPhones were assembled by Foxconn, while Pegatron contributed around 17% of the total production
iPhone production in India
According to a Bloomberg report, Apple Inc. has assembled a whooping $14 Billion worth of iPhones in India in the fiscal year 2024, which is almost double compared to last year. Apple now manufactures 14% of its iPhone devices in India, which means every 1 in 7 iPhone is made in India.
Foxconn and Pegatron, are the two major Taiwanese manufacturers that played a significant role in ramping up iPhone production in India. Approximately 67% of India-made iPhones were assembled by Foxconn, while Pegatron contributed around 17% of the total production.
This could be seen as Apple’s attempt to diversify its manufacturing footprints around the world to reduce its reliance over China, as diplomatic tensions between Washington and Beijing continue to stagnate.
Reuters reported that Pegatron is planning to hand over its only manufacturing facility near Chennai to the TATA group. Meanwhile, Tata is also building an assembly unit in Hosur, Tamil Nadu where Pegatron is expected to come along as a joint venture partner.
Starting iPhone manufacturing in India in 2017, Apple has leveraged the Central Government’s Production Linked Incentive (PLI) scheme, along with the availability of affordable labor and conducive manufacturing atmosphere. By building a strong presence in India, Apple alleviates risks associated with geopolitical tensions and taps into a growing market with immense potential. Apple further aims to produce 25% of its iPhones in India by 2025.
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