India assembles 1 in 4 iPhones, but how much of the product’s real value does it capture?

India’s growing role in Apple’s iPhone manufacturing is strengthening its position in global electronics supply chains, but assembling more devices does not automatically translate into capturing a larger share of their economic value. Apple assembled an estimated 55 million iPhones in India in 2025, a 53% increase from the previous year, accounting for roughly a quarter of its global production, according to industry estimates. The expansion reflects Apple’s efforts to diversify manufacturing beyond China amid US tariffs, geopolitical tensions and supply-chain risks. Advertisement However, an illustrative breakdown of a hypothetical $1,000 iPhone highlights the disparity between assembly and higher-value activities….