Apple's 'Made In India' Production Could Surge To $40 Billion in the Coming Years

This story was first published on the Benzinga India portal.

Apple Inc. AAPL is seemingly planning a massive increase in its production capability within India. The tech giant aims to reach an impressive annual production value of around $40 billion over the next four to five years, a significant jump from the $7 billion mark it hit in the previous fiscal year.

As reported by PTI, an Indian news agency, this ambitious endeavor is part of a broader strategy by Apple to establish a stronger foothold in the Indian market. To date, Apple has already earned the title of the country's largest exporter of mobile phones.

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It's not all about iPhones, though. Apple is also considering manufacturing its popular AirPods in India. However, the production of iPads and laptops within the country isn't part of the immediate plan, with the current focus being on ramping up existing production levels.

Despite a slight decrease in iPhone sales within the first nine months of this fiscal year and a marginal drop in the wearable, home, and accessories segment globally, Apple continues to rule the roost in the ultra-premium segment in India. In the first quarter of 2023, Apple held a commanding 59% market share.

The company's commitment to India is clear, as it made the 'made-in-India' iPhones available worldwide on the same launch day, marking a significant milestone.

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