Apple Inc. is setting its sights on India, intending to relocate at least 20% of its iPhone production to the country, according to a Nikkei Asia report on August 3. The tech giant reportedly sees potential in India's sales and manufacturing markets and is investing heavily in the production of the new iPhone 15 model in the country.
The company aims to manufacture 15 million iPhones in India this year, over twice the target it set just a year ago. The production in India will include the latest iPhone 15 series.
The tech giant plans to do more than just increase and deepen its production in India; it is also planning to manufacture more intermediate parts, such as metal casings, in the country, rather than just assembling finished components.
The company also intends to bring some of its iPhone product development resources to India, indicating a possibility of developing new labs and involving thousands of engineers in the process.
Apple's expansion into the Indian market is driven by the country's population size and potential for smartphone sales. Moreover, India offers low labor costs and vast land, making it an attractive choice for the company. Previous forecasts from Deloitte have estimated that India will have one billion smartphone users by 2026, potentially becoming a major market.
Back in May, Apple CEO Tim Cook highlighted the importance of India to Apple, emphasizing that the country is poised to become a primary market and production base. In the last fiscal year, Apple assembled iPhones worth over $7 billion in India.
