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Why Apple is betting big on India

Apple has recently made an aggressive play to expand operations on both the manufacturing and sales front in India.

The U.S. tech giant opened its first physical stores in the country last year and India is growing into one of the company’s largest markets.

Meanwhile, Apple now reportedly makes around 1 in 7, or 14%, of its iPhones in India, highlighting how it is boosting its manufacturing in the country.

“There are a lot of people coming into the middle class, and I really feel that India is at a tipping point, and it’s great to be there,” Apple CEO Tim Cook said in May last year.

His comments underscore one reason Apple has recently made an aggressive play to expand operations in India: the country has a huge population, with a growing middle class willing to splash out more on high-end phones.

But it’s not just about sales for Apple. The tech giant has also boosted its manufacturing footprint in India, via Foxconn, the Taiwanese firm that assembles iPhones. Apple now makes around 1 in 7, or 14%, of its iPhones in India, according to a Bloomberg report this month.

Last year, an Indian government minister said Apple was looking to eventually manufacture 25% of all of its iPhones in India.

It’s led many investors to wonder whether India can become the next China for Apple.

Tom Chitty and I discuss why Apple is pursuing the Indian market — and if it can live up to its promise.

Apart from a great year in terms of revenue, Apple also witnessed a dramatic rise in iPhone exports from India, which doubled to USD 12.1 billion in the fiscal year 2023-24 from USD 6.27 billion in the previous fiscal year, marking a significant increase of nearly 100%, research by trade intelligence service The Trade Vision said.

Apple is also focusing on its green push in the Indian markets as recently the company announced a collaboration with Mumbai-based solar energy solutions provider, CleanMax. The companies will come together to invest in six rooftop solar projects in India, which are expected to generate a combined output of 14.4 megawatts (MW), and will be used to power Apple's offices and stores.

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