Apple has achieved unprecedented growth in India, increasing its local operations by a staggering 20-fold, according to Indian officials. This remarkable expansion has positioned Apple as the fastest-growing company in the region, largely due to its strategic shift in manufacturing operations from China to India.
Apple’s sales in India have surged, with an estimated 33% increase from March 2023 to March 2024. Meanwhile, the company’s manufacturing footprint has also expanded significantly, with 14% of all iPhones now being produced in India, up from 7% in the previous financial year.
The Economic Times reports that top officials in India have revealed just how substantial Apple’s growth has been. The value of Apple’s operations in the country has skyrocketed from Rs 1.15 lakh crore ($13.7 billion) in the financial year 2023 to Rs 2 lakh crore ($23.5 billion) in the year following. This growth trajectory, driven by increased production and exports, is likely the fastest India has seen in the past 50 years.
Despite this explosive growth, Apple’s market share in India remains below 6%. During an antitrust investigation by the Competition Commission of India (CCI) that began in 2021, Apple had described its market share as “insignificant,” ranging from 0% to 5%. However, domestic iPhone sales reached $8 billion in FY24, and Apple’s Indian operations exported $15 billion worth of iPhones during the same period, highlighting the country’s growing importance in Apple’s global strategy.
The CCI has concluded that Apple is abusing its dominant position with the App Store, despite the relatively low market share of the iPhone compared to Android devices. However, this conclusion may be reconsidered after Apple objected to the inclusion of privileged information in the CCI’s report, potentially leading to a redo of the investigation.
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