India closes in on China in iPhone output, but revenue gap remains wide

India is narrowing the gap with China in iPhone production but lags significantly in contributing to Apple’s global revenue. This disparity stems from price sensitivity and affordability challenges among Indian consumers, according to a report by The Economic Times.

Apple posted a record revenue of $8 billion in India for FY24, representing just over 2 per cent of its global revenue of $391 billion. In contrast, Greater China — including Mainland China, Hong Kong, Macau, and Taiwan — accounted for $66.95 billion, or over 17 per cent of global earnings. By FY26, India’s revenue is projected to rise to $11 billion, the report noted.