Logo of an Apple store in Washington, the US.  (Photo: Reuters)

The brokerage expects Apple to move about 5% of iPhone 14 production from late this year to India, which is the world's second-biggest smartphone market after China.

It is also estimating about 25% of all Apple products, including Mac, iPad, Apple Watch and AirPods, to be manufactured outside China by 2025 from 5% currently. 

Apple has bet big on India since it began iPhone assembly in the country in 2017 via Wistron and later with Foxconn in line with the Indian government's push for local manufacturing.