After a series of major wins in India, iPhone maker Apple is planning to ramp up production by more than five times the current levels to around $40 Bn.
The development comes just days after a top Foxconn executive had said the Taiwanese contract manufacturer would double its production would double its production in the country within one year. Foxconn is one of the three contract manufacturers that put together iPhones in India.
During the last financial year, Apple manufactured products worth more than $7 Bn, per government officials.
“Apple has plans to increase production in India to over Bn in the next 4-5 years. It has crossed Bn in the last fiscal,” an official cited by PTI said.
At present, Apple is manufacturing various iPhone models in India, including the latest iPhone 15. The Cupertino-based tech giant is also contemplating the production of AirPods starting next year. However, there are no signs indicating whether Apple will initiate the manufacturing of iPads or MacBooks in India.
According to the official, Apple does not have any plans to participate in the PLI scheme for IT hardware either, even though the government offers incentives based on production targets. For now, the company is only focused on increasing its production capacity, the official added.
Even at Apple’s current production levels, it has become the largest smartphone exporter from India, both in terms of numbers and the value of smartphones. In the first half of 2023, Apple surpassed Samsung to become the leader in smartphone exports in terms of value.
The trend can be attributed to Apple’s presence in the premium and super-premium segments, while Samsung offers products across all ranges.
Apple has been rapidly increasing its production capabilities in India over the past few quarters via its contract manufacturers. Foxconn, Wistron and Pegatron have all invested heavily in India to scale production of iPhones and start manufacturing other Apple products in the country.
The post Apple Looking To 5X India Production To $40 Bn By 2027 appeared first on Inc42 Media.
