Apple has been hailed as the fastest-growing company in India over the past 50 years, with a dramatic 20-fold increase in its local operations. This surge includes a substantial boost in iPhone production within the country, marking a significant shift from China.
According to The Economic Times, Apple's value in India skyrocketed from Rs 1.15 lakh crore ($13.7 billion) in the 2023 financial year to Rs 2 lakh crore ($23.5 billion) in 2024. This impressive growth reflects Apple's expanding footprint in India, where the company now sources 14% of its iPhones.
Sales of Apple's products in India have also seen a remarkable rise, with iPhone sales increasing by an estimated 33% from March 2023 to March 2024. Domestic sales for the fiscal year 2024 reached $8 billion, while Apple exported $15 billion worth of iPhones from India.
Despite these gains, Apple's market share in India remains below 6%. The Competition Commission of India (CCI) recently concluded an investigation into Apple, finding that the company abuses its dominant position with the App Store. This investigation may need to be revisited due to objections raised by Apple regarding privileged information in the CCI's report.
