Apple Inc and its vendors are aiming to assemble 32 per cent of iPhone’s global production volume and 26 per cent of its value in India by 2026-27 —a year after the final year of the of the five-year production-linked incentive (PLI) scheme for mobile devices.
This could translate into a production value of over $34 billion, assuming global iPhone sales remain consistent with 2023-24 (FY24) levels.
The estimates are based on discussions between Apple Inc and its vendors, along with central and state governments, regarding the assembly of products in India, according to sources familiar with the matter. A query to an Apple Inc spokesperson did not receive a response.
For the first half of 2024-25 (FY25), Apple’s vendors estimate a freight-on-board (FOB) production value of $9 billion. By the end of the financial year, it is projected that India will account for 17-18 per cent of global iPhone production volume and 14 per cent in terms of value.
Based on vendor planning, the company is expected to close FY25 with a production value of $18 billion (market value around $27 billion). The market value of iPhones includes sales, distribution expenses, and dealer margins, while FOB represents the value during shipping.