Apple’s renewed commitment to India is starting to pay off. The company reportedly drastically increased its sales presence in the country volume and revenue-wise in 2022, according to a new report by Counterpoint Research.
The report explains that local “Made in India” shipments for the iPhone increased by 65% in 2022 compared to 2021. Generated revenue drastically increased too, and is up 162% in the same timeframe. As a result, Apple generated 25% of all Indian-made smartphones revenue in 2022, effectively doubling its 12% share from a year earlier.
This is despite overall Indian-made smartphone shipments declining in 2022, registering a 3% drop compared to 2021. The report alludes this decline to “softening of consumer demand due to macroeconomic headwinds”. Revenue still grew, however, and was up 34% year-over-year on the back of “increasing premiumization coupled with the increasing exports of premium smartphones”.
Discover new horizons, always connected with eSIM
Travel the world stress and hassle-free with the best eSIM service available. Enjoy unlimited data, 5G speeds, and global coverage for affordable prices with Holafly. And, enjoy an exclusive 5% discount.
“Made in India” iPhones are not only sold locally in the country, as Apple began exporting to other regions outside India. Indian-made iPhone exports grew 37% in 2022 YoY, adds the report.
Apple’s contract manufacturers also reported strong growth. The report explains that Foxconn and Wistron were among the fastest growing top 10 manufacturers in Q4 2022. Pegatron, Foxconn, and Wistron are now among the top 10 contract manufacturers in India in shipments-wise. Foxconn took the top spot out of all contractors volume-wise in the same time period.
The news come as Apple and its partners are rapidly expanding their footprint in the country. Apple is expected to open India’s first Apple Store locations before the second half of 2022. Foxconn plans to start making AirPods in India for the first time ever, while Pegatron is ramping up efforts to open its second iPhone manufacturing facility in the country.
