Apple is reportedly aiming to achieve a significant production milestone in India, targeting the manufacturing of iPhones worth nearly Rs 1 lakh crore for the fiscal year ending March 2024, as confirmed by latest reports.
Apple Planning To Manufacture 1 Lakh Crore iPhones by March 2024
Officials familiar with the matter have indicated that the company has ramped up its manufacturing capacity, already achieving production exceeding Rs 60,000 crore in the initial seven months of the fiscal year.
The report suggests that if Apple falls short of the ambitious Rs 1 lakh crore target by the end of this fiscal year, it is expected to attain this milestone in the first quarter of FY25, as per sources cited by ET.
To meet the heightened demand during the festive season in the US and the West, Apple is reportedly gearing up for increased production. However, the company faces challenges from global headwinds, including a slowdown in consumption.
It is noteworthy that around 70 percent of the iPhones manufactured in India are destined for export. In the April to October period of the current fiscal year, Apple has already exported iPhones worth Rs 40,000 crore or $5 billion, surpassing the total exports for the entire previous fiscal year. This underlines the significant role of India in Apple’s global supply chain and export strategy.
Apple’s Increasing Graph
In April, we reported that Apple Inc. assembled more than $7 billion of iPhones in India last fiscal year.
The iPhone maker seems to be tripling production in the world’s fastest-growing smartphone arena after accelerating a move beyond China.
With the expanding partnership from Foxconn Technology Group to Pegatron Corp, the US company now makes almost 7% of its iPhones in India, according to sources.
It appears to be a significant leap for India as it accounted for an estimated 1% of the world’s iPhones in 2021.
Presently, Apple assembler Foxconn owns nearly 80 percent of the production lines for iPhone models in India. This year, India has already been responsible for 12–14% of global iPhone shipments, with Foxconn owning 75–80% of the iPhone production capacity in the country.
And if all goes well, the proportion of iPhones made in India will increase to 20–25% by 2024.
