Apple exceeds 5 out of 6 targets listed by PLI scheme: Report

Earlier this year, Apple shipped over 10 million iPhones in 2023, securing the top revenue position for the year

Technology giant Apple has exceeded its targets for the flagship PLI scheme in five of the six parameters the incentive scheme has laid out, Business Standard reported.

A company must achieve the minimum target in four parameters every year to be eligible for production-linked incentives. These are incremental production value, exports, investment, and the freight on board (FoB) value.

The iPhone maker’s three India vendors - Foxconn, Pegatron and Tata Electronics - have collectively surpassed these targets, the report added.

Moneycontrol couldn't independently verify the report.

Also Read | Mobile phone PLI has led to 5 lakh jobs being created: Ashwini Vaishnaw

The production value of iPhones assembled by the three was Rs 1,94,800 crore in 2023-24, which is 45 percent higher than committed under the PLI scheme, the report added, quoting data given to government agencies.

Earlier this year, Apple shipped over 10 million iPhones in 2023, securing the top revenue position for the year, pipping its Korean rival Samsung, according to a report from Counterpoint Research. In 2022, Apple shipped over 6 million iPhones.

Apple accounted for 23 percent of the smartphone revenue share in 2023, surpassing Samsung's 21 percent market share. In the previous year (2022), Samsung held the top spot with a 22 percent smartphone revenue share, while Apple had 17 percent, data accessed by Moneycontrol showed.

Apple's smartphone volume market share could increase to 8-10 percent by 2024 from 6 percent in 2023, analysts added.

The iPhone maker’s interest in India is evident from its increasing focus on local manufacturing, the launch of its retail stores, and its growing emphasis on the large format retail (LFR) model.