New Delhi: 2024 has certainly become the year of Apple in India, where the tech giant made new exports and domestic sale records, driven by the rising trend of premiumisation, the government’s production-linked incentive (PLI) scheme, and aggressive retail expansion.

According to industry experts, Apple’s strategic approach in India over the past year has resulted in significant achievements and increased market importance.

Within the electronics sector, smartphone exports have recorded a 45 percent increase as leading players such as Apple expand production in the country. Apple’s entry into India, supported by its vendors Foxconn, Pegatron, and Tata Electronics, has boosted smartphone exports this year.

Apple’s iPhone production reached $10 billion in the seven months of this fiscal year (FY25), with $7 billion in exports alone, a record. According to industry data, the company exported iPhones at almost Rs 8,450 crore (nearly $1 billion) each month from April to October.

According to Tarun Pathak, Research Director, Mobile Devices and Ecosystems at Counterpoint Research, Apple has gained a share in India due to its highly aspirational youth appeal, strong consumer connection, channel and manufacturing expansion, and solid marketing campaigns.

“Apple has successfully tapped into the rising premiumisation trend in the world’s second-largest smartphone market. The ultra-premiumisation trend is steadily gaining momentum with each passing quarter,” Pathak told IANS.

India’s strategic significance for Apple is underscored by its three-dimensional (3D) strategy, which focuses on domestic manufacturing, distribution, and driving premiumisation.

According to Counterpoint Research Market Outlook, the country is likely to surpass Japan and the UK to become Apple’s third-largest market in terms of shipments in 2026.

“Premiumisation in India, with readily available financing, boosts affordability for premium smartphones, benefiting Apple’s exclusive focus on this segment,” Pathak noted.

According to market watchers, Apple’s India shipments are set to cross the 11 million mark in 2024, with 10 percent year-on-year growth. The company estimates similar growth in 2025 as well.

Amid the growing demand for its iPhones in aspirational Bharat, Apple clocked a 36 percent increase in its operating revenue in India, surpassing Rs 66,700 crore (about $8 billion) in FY24. The tech giant also posted Rs 2,746 crore ($330 million) in profit last fiscal year.

The company’s profit increased by 23 per cent in FY24 against Rs 2,229.6 crore ($268 million) in FY23.

Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR), told IANS that Apple’s growth in India is expected to continue with significant momentum in the coming year, driven by aggressive retail expansion, targeted marketing strategies, and a deeper penetration into the aspirational Indian market.

“This growth is fuelled by the strong demand for both the latest and previous generation iPhones,” Ram noted.