Omdia estimates that U.S. iPhone demand is about 20 million a quarter, with India expected to be able to match that level only by 2026.
Meanwhile, Daniel Newman, CEO and principal analyst at research firm Futurum Group, noted that shipment numbers reflect final assembly, but are not representative of the entire supply chain and manufacturing process.
"It was actually a very low lift for them to migrate more and more of the final assembly from China to India," he said, adding that a vast majority of the sub-assemblies are all still in China.