Apple Ambitious Expansion Plans
Apple, the tech giant renowned for its iPhones and other high-end products, is set to drastically increase its production capabilities in India. Government sources have revealed that the company is aiming to scale up its production in the country by over five-fold.
It is reaching a staggering $40 billion (approximately Rs 3.32 lakh crore) within the next four to five years. This ambitious move comes after Apple successfully crossed the $7 billion production milestone in the previous fiscal year.
Strategic Manufacturing in India
Apple has been actively manufacturing iPhones in India. It is now planning to extend its production line to include AirPods starting next year. This strategic decision aligns with the company’s efforts to expand its footprint. Now it is time for one of the world’s fastest-growing smartphone markets.
While Apple is diversifying its production efforts in India, it currently has no immediate plans to manufacture iPads or laptops within the country. Government officials have indicated that Apple’s primary focus is to scale up its existing production levels. Thus, suggesting that further expansions into other product categories may happen at a later stage.
Global Sales
Globally, Apple reported remarkable sales figures, with iPhones accounting for $191 billion in revenue. The products in the wearable, home, and accessories segment generated $38.36 billion in the financial year ending on September 25, 2022.
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However, in the first nine months of the current fiscal year, the company experienced a modest decline in iPhone sales. It totals to $156.77 billion. While with a slight dip in the wearable, home, and accessories segment, which amounted to $30.52 billion.
Apple’s Dominance in the Indian Market
Apple’s presence in India has been growing steadily. It has made it the largest exporter of mobile phones in the country. The launch of the iPhone 15 series witnessed a 100% growth in sales compared to the iPhone 14 series. Notably, Apple has started offering ‘made-in-India’ iPhones simultaneously with their global launches. Market research firm Counterpoint Research reports that Apple currently holds a commanding 59% market share in the ultra-premium smartphone segment (devices priced above Rs 45,000) in India. This remarkable market share signifies India’s ascent as one of the top five markets for Apple globally.
In conclusion, Apple’s plans to expand its production in India by more than five-fold over the next few years signal its strong commitment to the Indian market. With impressive sales figures and a growing market share, Apple’s strategic manufacturing decisions are poised to further solidify its presence.
