IPHONE EXPORTS FROM the country in terms of value are expected to nearly double to ₹80,000 crore in the current financial year ending March from ₹40,000 crore in the last financial year, according to industry estimates.
On the other hand, Samsung exports in terms of value are seen flat at around ₹32,000-35,000 crore, analysts and market tracker said. Overall, the smartphone exports from the country is expected to grow 33% YoY to ₹1.2 trillion in FY24, as also estimated by India Cellular and Electronics Association (ICEA).
Reasons for Apple's significant growth in value of exports can be attributed to the premiumisation trend globally, and also higher average selling price of iPhones which is around $1,000. Besides, the government's production-linked incentive (PLI) scheme has also helped the company's three contract manufacturers - Foxconn, Pegatron, and Wistron to increase the domestic production of iPhones to meet both local as well as global demand.
This story is from the March 14, 2024 edition of Financial Express Mumbai.
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This story is from the March 14, 2024 edition of Financial Express Mumbai.
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