Apple's Indian Vendors Outperform PLI Targets, iPhone Production Worth Almost Rs 2 Lakh Crore In FY24

Apple has exceeded its targets in five out of six parameters set by the Production Linked Incentive (PLI) scheme, according to a report by Moneycontrol.

To qualify for the incentives, a company must meet the minimum annual targets in four key areas: incremental production value, exports, investment, and freight on board (FoB) value.

Apple's three vendors in India — Foxconn, Pegatron, and Tata Electronics — have collectively surpassed these targets.

Additionally, Apple has made significant strides in iPhone production, with a production value of Rs 1,94,800 crore in 2023-24, which is 45 per cent higher than the committed amount under the PLI scheme.

Earlier in the year, Apple shipped over 10 million iPhones in 2023, securing the highest revenue in the market and surpassing its Korean rival Samsung. In 2022, Apple shipped over 6 million iPhones.

Apple held a 23 per cent share of the smartphone revenue in 2023, overtaking Samsung's 21 per cent market share. In 2022, Samsung led with a 22 per cent share, while Apple had 17 per cent.

Analysts predict that Apple's smartphone volume market share could rise to 8-10 per cent by 2024 from 6 per cent in 2023.

Apple's growing interest in India is evident through its focus on local manufacturing, the launch of retail stores, and an increasing emphasis on the large format retail (LFR) model.