The arrival of Apple and a slew of related companies has ushered in unprecedented prosperity in India's electronics industry.
This Tuesday, according to local media reports in India, smartphones have become one of the top five exported goods in India, and the fiscal year 2023 exports have already surpassed the total exports for fiscal year 2022.
This achievement can be largely attributed to the iPhone. Apple currently manufactures approximately 7% of its iPhones in India and is steadily increasing production.
At present, smartphones rank fifth in India's export goods, following diesel, diamonds, aviation fuel, and gasoline. So far this fiscal year, smartphone export revenues have reached $10.9 billion, about half of which are iPhones. In the fiscal year 2022, smartphones were only in the ninth position, with an annual export revenue of $5.4 billion.
According to Apple's initial plan, iPhones manufactured in India were only intended for the domestic market. However, starting from October of the previous year, Apple has been steadily increasing its commitment to India, even using iPhones produced in the country to supply other markets.
In March, market research firm Counterpoint reported that, if calculated by revenue, Apple's contribution to India's smartphone exports was as high as 30%. However, current data suggests that the value of iPhones for "Made in India" is significantly greater.
In February, Apple CEO Tim Cook expressed his optimism about India, stating that Apple was investing a lot of effort in the country.
Beyond supporting Apple's supply chain, India's vast smartphone market also provides objective increments for iPhone sales.
In the first quarter of this year, Apple's revenue was $94.84 billion, higher than the expected $92.6 billion. Its flagship product, the iPhone, generated $51.33 billion in revenue, exceeding expectations and showing a year-on-year increase rather than a decrease.
In an earnings call, Cook explained that the higher-than-expected iPhone revenue primarily resulted from the Indian market.
During a call with analysts, Cook expressed his hope to convince some of the many people entering the middle class in India to purchase an iPhone.
In a subsequent interview with CNBC, Cook added that the metrics for converters (those switching from Android to iPhone) and first-time buyers in India look very promising.
