Apple’s Record-Breaking iPhone Exports 2x the PLI target

Apple exported iPhones worth ₹1.5 trillion from India in FY25, marking a 76% year-on-year growth and surpassing its PLI target of ₹74,900 crore. Accounting for 75% of India’s total smartphone exports, Apple’s success aligns with India’s smartphone export boom, which soared from ₹22,686 crore in FY21 to ₹2 trillion in FY25. Despite challenges like US tariffs, India’s proactive policies and the PLI scheme have transformed smartphones into the nation’s second-largest export category, signaling a bright future for its electronics industry.

Apple Inc., the iconic American technology giant, has set a remarkable benchmark by exporting iPhones worth an astounding ₹1.5 trillion in FY25. This figure represents a free-on-board (FOB) value and a staggering 76% year-on-year growth. Notably, this achievement has more than doubled Apple’s initial commitment under India’s production-linked incentive (PLI) scheme for mobile devices. The data, sourced from vendor submissions to the Indian government, underscores Apple’s growing prominence as a key player in the country’s burgeoning smartphone export market.

This extraordinary growth comes against the backdrop of evolving global trade dynamics, including heightened US-India trade tensions, marked by elevated tariffs on Indian imports and uncertainty surrounding their long-term implications for outbound shipments.

iPhone Exports Soar Beyond PLI Targets

In FY24, Apple’s iPhone exports from India were valued at ₹85,000 crore. For FY25, the company’s PLI target was set at ₹74,900 crore, a figure it has successfully surpassed by a wide margin. According to estimates from the India Cellular and Electronics Association (ICEA), Apple accounted for approximately 75% of India’s total smartphone exports, which likely exceeded ₹2 trillion during this period.

Monthly shipment averages also revealed significant progress. iPhone exports averaged ₹12,500 crore per month in FY25, a sharp increase from ₹7,083 crore in the previous fiscal year. The company’s stellar performance was particularly evident in the final quarter, traditionally a robust period, when it achieved a new quarterly record by exporting iPhones worth ₹55,000 crore.

January and February 2025 saw iPhone shipments valued at ₹18,000 crore and ₹17,500 crore, respectively. However, March marked a standout month, with exports surging to ₹20,000 crore as Apple scaled up production to meet demand in its largest market, the United States.

Broader Industry Trends and Challenges

India’s overall smartphone exports experienced a 53% growth year-on-year, rising from ₹1.3 trillion in FY24 to a record ₹2 trillion in FY25. While Apple led the charge, Samsung and other exporters contributed significantly to this growth. Apple’s share of total smartphone exports increased from 66% in FY24 to an estimated 75% in FY25.

March 2025 also saw industry-wide smartphone exports reaching $2.75 billion (₹23,634 crore), according to ICEA data. However, concerns loom on the horizon as the United States has imposed a 26% tariff on all imports from India. This global tariff escalation could dampen India’s electronics exports, particularly smartphones, in the months ahead.

Despite these challenges, Indian smartphone shipments to the US reached $10 billion in FY25, reflecting a remarkable 78% increase from $5.6 billion in FY24. Apple remains the dominant player in this space. Analysts expect a quieter first quarter in FY26, with export volumes likely to gain momentum from the second quarter onward.

India’s Smartphone Export Revolution

India’s smartphone export trajectory has been nothing short of transformative, fueled by the government’s strategic shift from the duty-based phased manufacturing program in 2017 to the smartphone PLI scheme introduced in 2021. Exports have skyrocketed nearly tenfold, from ₹22,686 crore in FY21 to ₹2 trillion in FY25.

This surge has also elevated smartphones to the second-largest export category in India by December 2024, a meteoric rise from their 167th rank in FY15. The electronics sector, buoyed by this growth, climbed to become the fifth-largest export category in FY24, up from seventh in FY21.

To sustain this momentum, the Indian government announced the ₹22,919 crore Electronics Component Manufacturing Scheme on March 28, 2025. This initiative aims to develop a robust domestic component ecosystem, attract global and local investments, and deepen India’s integration into global value chains.

Apple’s record-breaking iPhone exports from India are a testament to the country’s growing stature in the global electronics market. While challenges such as tariff hikes and geopolitical uncertainties remain, the government’s proactive policies and the private sector’s robust performance signal a promising future for Indian electronics.