Apple’s India-made iPhones may account for 12% to 14% of global shipments this year, and as much as 20% to 25% by 2024, analyst Ming-Chi Kuo said. The growth comes amid rising interest among Indian consumers, government incentives for manufacturers, and Apple’s growing relationship with the Indian government and Tata Group, which is set to start producing iPhones.

Currently, Foxconn holds 75% to 80% of India’s iPhone production capacity.