India's smartphone exports surpasses $2 bn mark in Oct, sets new record

India's smartphone exports have reached a historic milestone, surpassing US$ 2 billion in October 2024, marking the highest monthly total ever recorded. According to the Indian Cellular and Electronics Association (ICEA), this achievement highlights India's increasing significance in global mobile supply chains. In the first seven months of the current financial year, smartphone exports have already exceeded US$ 10.6 billion, reflecting a 37% year-over-year increase from US$ 7.8 billion during the same period last year. The surge in October, largely driven by Apple’s iPhone, represents a 23% increase from the previous record of US$ 1.78 billion in May 2024 and a substantial 70% rise compared to US$ 1.2 billion in October 2023.

Looking ahead, the growth trajectory for smartphone exports is promising, with total exports in FY24 anticipated to reach US$ 15 billion, of which Apple and its suppliers account for over US$ 10 billion. ICEA projects that exports could rise to between US$ 18 billion and US$ 20 billion by the end of FY25, with 35% of India's smartphone production by value expected to be exported during this period. Apple’s influence is significant, with its iPhone shipments making up nearly two-thirds of the export value in the first seven months of FY25. Key suppliers like Foxconn, Pegatron, and Tata Electronics have been crucial to this expansion, with Foxconn contributing about a third of the US$ 10.7 billion in exports and Tata Electronics experiencing a remarkable 115% increase year-over-year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.