Saturday, June 15, 2024
Smartphone news

Smartphone export from India set a new record in FY2024: These are the top countries for ‘made-in India’ phones

India’s smartphone exports saw a significant 42% growth in the fiscal year 2024, reaching a value of $15.6 billion and becoming the country’s fourth-largest export.
The United States became the top destination for Indian smartphone exports, with shipments valued at $5.6 billion, representing a 158% year-on-year increase. The UAE followed closely, importing $2.6 billion worth of smartphones from India, while the Netherlands and the UK received shipments valued at $1.2 billion and $1.1 billion, respectively.
Smartphones have surpassed motor gasoline in India’s export rankings, solidifying their position as a major export commodity, although petroleum products continue to dominate the country’s top exports. The total value of mobile devices produced in India for both export and domestic markets in FY24 increased to $49.16 billion, a 17% rise compared to the previous fiscal year.

Industry experts attribute this growth to the government’s successful production-linked incentive (PLI) scheme, which has propelled India to become the second-largest mobile phone manufacturing country, closely following China.
The scheme has also played a crucial role in the China-Plus-One strategy, attracting companies to shift their operations from China to India due to ongoing geopolitical tensions.

Apple has been a major beneficiary of the PLI scheme, with its outbound mobile device shipments expected to have surpassed $14.39 billion in FY24, a 33% increase from the previous year.
The eligible companies for the PLI scheme include Apple’s suppliers such as Foxconn, Wistron India (now Tata Electronics), and Pegatron, as well as Samsung. All of them have made significant contributions to the increase in smartphone exports from India.

Early estimates indicate that exports accounted for nearly 30% of the total output value in FY24, up from 25% in FY23, according to ICEA data, highlighting the growing importance of India as a global smartphone manufacturing hub.

As India continues to strengthen its position in the global smartphone market, this remarkable growth in exports underscores the effectiveness of government initiatives like the PLI scheme in boosting the sector’s competitiveness on the international stage.


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