India’s smartphone exports surpasses $2 billion in October 2024, setting a historic milestone. This achievement highlights India’s growing role in the global mobile supply chain. Additionally, Apple’s iPhone played a significant part in driving this surge, further cementing India’s position as a key player in global smartphone manufacturing.
India’s smartphone exports reach record high
October 2024 saw India’s smartphone exports hit an all-time high of $2 billion. This milestone represents the highest monthly total recorded so far. The Indian Cellular and Electronics Association (ICEA) credits this growth mainly to the increasing shipments of Apple’s iPhone. As a result, Apple has become a major contributor to India’s export value.
Exports surpass $10 billion in first seven months
From April to October 2024, India’s smartphone exports exceeded $10.6 billion, a 37% increase compared to last year. In 2023, exports were at $7.8 billion. Notably, the October surge marks a 23% increase over the previous record of $1.78 billion set in May 2024. Moreover, it represents a 70% increase compared to $1.2 billion in October 2023.
India’s exports poised for growth in FY24 and FY25
Looking ahead, India’s smartphone export growth is expected to continue. By FY24, total smartphone exports are projected to reach $15 billion, with Apple and its suppliers contributing more than $10 billion. Furthermore, ICEA forecasts that India’s smartphone exports could rise to between $18 billion and $20 billion by FY25. During this period, 35% of India’s smartphone production by value will likely be exported. Apple’s shipments will remain the largest driver of this expansion. Additionally, suppliers like Foxconn, Pegatron, and Tata Electronics will continue to play an essential role. For example, Foxconn contributes about a third of the total export value.
India’s smartphone export sector is on a strong growth trajectory. With substantial contributions from global suppliers and the continued rise in manufacturing, India is increasingly becoming a dominant player in the global smartphone market.
