- Apple tripled its iPhone production to over $7 billion in India last year, as it accelerated efforts to move beyond China into the world's fastest-growing smartphone market. The company has expanded its partnerships with Foxconn and Pegatron to manufacture nearly 7% of its iPhones in India. This is a significant improvement, given that India only accounted for approximately 1% of the world's iPhones in 2021.
- Apple exported $5 billion iPhones in the year that ended in March 2023, up nearly four times from the previous period. The company plans to manufacture the next iPhones in India concurrently with China in the fall of 2023, and could assemble a quarter of its iPhones in India by 2025 with the expansion of its suppliers.
Why it matters
Apple faced challenges with supply chain vulnerabilities after the chaos at Foxconn's "iPhone City" complex in Zhengzhou. This led the company to cut output estimates and recognize the need for diversification. Apple pushed suppliers Foxconn, Wistron Corp, and Pegatron to increase local production in India, where it has provided incentives to boost manufacturing. The three companies employ 60,000 workers and produce a range of models, from the iPhone 11 to the latest iPhone 14.
