Apple makes highest-ever ‘Make in India’ contribution, registers 162% growth in value

‘Make in India’ shipments by Apple grew by 65 per cent by volume and 162 per cent by value in 2022. A report by Counterpoint Research reveals that the company’s value share grew to 25 per cent in 2022, up from 12 per cent in 2021.

Senior Research Analyst, Prachir Singh revealed that Apple’s EMS (Electronics Manufacturing Services) partners Foxconn Hon Hai and Wistron were the fastest growing manufactures among the top 10 in Q4 2022. These two manufacturers even received the PLI incentive in the recent disbursements.

The report also reveals that in terms of value ‘Make in India’ smartphone shipments grew 34 per cent year-on-year.

As per the report, “The contribution of exports in ‘Made in India’ smartphone shipments reached the highest ever in 2022 both in volume (20%) and value terms (30%).”

However, the overall ‘Make in India’ smartphone shipments witnessed a drop of 3 per cent in 2022. One of the major reasons, as claimed in the report, was the softening of consumer demand due to ‘macroeconomic headwinds’, especially in the second half of the year. The shipments fell by 19 per cent in Q4 2022 due to decline the local demand, especially in the entry-level and mid-level price segments.

Oppo emerged on the top in the ‘Made in India’ smartphone shipments list of 2022 with 22 per cent share, followed by Samsung. 

Research Director Tarun Pathak said, “Overall, 2022 has been a good year in terms of manufacturing and localization in India. The increasing exports from Apple, Samsung and other OEMs drove the locally manufactured shipments in 2022 and somewhat offset the impact of the local demand decline. The recent disbursement of PLI incentives from the government as well as other initiatives, both at the central and state levels, has boosted the overall local manufacturing." 

The report further suggests that India might reap the benefits of the PLI scheme in future, thanks to increasing exports from Apple and Samsung.  

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