Thu Sep 19 07:54:44 UTC 2024: ## Apple’s iPhone 16 Pre-orders Surge in India, Set to Break Export Records
Apple is poised to break previous export records with its latest iPhone 16 series, which is set to launch on September 20th in India. Industry analysts report a surge in pre-orders for the new models, particularly the iPhone 16 Pro, which is seen as more accessible due to strategic pricing.
The strong pre-order demand is attributed to factors like attractive financing options and the government’s push for local manufacturing. The iPhone 16 models are being manufactured and assembled in India, ensuring simultaneous availability with the global market. This aligns with the government’s “Make in India” initiative, which aims to boost domestic production and exports.
Apple is also benefiting from the growing premiumization trend in the Indian smartphone market. The older iPhone 14 and 13 models are expected to gain traction during the festive season as well.
Industry data shows that Apple’s iPhone exports from India reached $5 billion in the April-August period of FY25, representing a 50% growth compared to the same period last year.
Globally, the iPhone 16 series is estimated to have garnered 37 million pre-orders in its first weekend. Apple’s revenues in India are projected to rise by 18% in 2024, with the new iPhone 16 series solidifying its presence and boosting exports.
Apple currently holds a 6% share by volume and 16% share by value in the Indian smartphone market. With continued double-digit growth, Apple’s revenues in India are expected to exceed $10 billion by 2025.
The company has significantly increased iPhone production in India, from less than 1% in 2017 to 10% in 2023. Plans are in place to further scale production to 25% of global shipments by 2025.
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