Despite this progress, Apple is only in the earliest phases of diversifying iPhone production. As Morgan Stanley analysts estimated in mid-2023: “90-95% of Apple’s production is still in China; we believe a full decoupling would likely require hundreds of billions of dollars of investment at least, which would prove an outsize burden for the supply chain.” Indeed, the pace of growth in Apple’s operations in India is nothing like that of China a decade earlier. From 2016 to 2023, iPhone production in India grew from zero to around 15 million units, accounting for 7 percent of global shipments. China, between 2006 and 2013, ramped production from zero to 153 million units. So, at best, India is taking on iPhone orders at one-tenth the rate China did a decade earlier.
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