Business
Apple's 'Made in India' Exports Experience Remarkable Growth: 162 Per Cent Increase In Value, 65 Per Cent In Volume YoY
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A recent study by Counterpoint Research has revealed that Apple's "Made in India" exports have increased by 162 per cent in value and 65 per cent in volume year over year.
This has resulted in an increase in the brand's value share from 12 per cent in 2021 to 25 per cent in 2022.
The export sector's share of 'Made in India' smartphone shipments peaked in 2022 at 30 per cent in terms of value and 20 per cent in terms of volume.
However, overall smartphone shipments fell by 3 per cent YoY to 188 million units in 2022 due to weakening consumer demand in the second half of the year.
Research director Tarun Pathak stated that local manufacturing and localisation had a solid year in 2022, with increasing exports from Apple and Samsung driving locally manufactured shipments, offsetting the impact of the local demand decline.
He also noted that the recent disbursement of PLI incentives from the government, as well as other initiatives at both the central and state levels, had boosted overall local manufacturing.
Going forward, we may see the country reaping benefits of the PLI scheme thanks to increasing exports from Apple and Samsung, said the report.
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