Industry analysts believe that India will power tech giant Apple’s growth over the next decade, with a 42% rise in revenue last year and iPhone shipments growing by 39%. Prabhu Ram from CMR predicts a 40% year-on-year growth in iPhone shipments in 2023, highlighting India’s role in Apple’s growth.
Ram stated, “India will power Apple’s growth over the next decade, just like China did in the last.” Apple’s iPhones saw a 28% growth in market share in 2023, reflecting the premiumisation trend in the country. In the fourth quarter of 2023, iPhone shipments in India increased by seven percent, according to CMR data.
As India strengthens its focus on local manufacturing, Apple assembled iPhones worth over Rs 1 lakh crore in the country in 2023 under the production-linked incentive (PLI) scheme. This development aligns with the broader push for high-tech electronic manufacturing in India, positioning the country as a key player in Apple’s future growth trajectory.
The favorable policy environment in India has been a significant factor in Apple’s success, with the country adding more upstream capabilities to the electronics ecosystem. Riding on the premiumisation trend, Apple has been able to expand its market share and increase shipments, indicating a promising growth trajectory for the tech giant in the coming years.
The upward trajectory in Apple’s performance in India underscores the country’s potential as a key market for high-tech electronic manufacturing. With a strong impetus for growth and a conducive policy environment, India is poised to play a pivotal role in driving Apple’s expansion and success over the next decade, as highlighted by industry analysts and market experts.
