Indian Economy News

Indian mobile exports to cross US$ 10 billion in FY23 and Apple may account for 50%

  • IBEF
  • March 23, 2023

As per data by India Cellular and Electronics Association (ICEA), India is all set to reach a remarkable US$ 10 billion (Rs. 82,000 crores) worth of smartphone exports in the fiscal year ending March 31, 2023. About 50% of exports are constituted by Apple’s ‘Make in India’ smartphones and it is followed by Samsung with 40% mobile exports, while other smartphone players contribute 10% export share.

With the production-linked incentive (PLI) schemes, smartphone exports from India have doubled from the corresponding period from last fiscal year.

According to the data, the top five global destinations India currently exports mobile phones to are the UAE, the US, the Netherlands, the UK, and Italy.

India is likely to produce 45-50% of Apple's iPhones by 2027, at par with China, where 80-85% of iPhones were produced in 2022.

Apple became the first smartphone manufacturer in India to ship iPhones worth US$1 billion in December. The 12, 13, 14, and 14 Plus iPhones are presently produced there.

Indian and Vietnamese economies are expected to benefit the most from the migration of the smartphone supply chain away from China, according to projections by DigiTimes research experts.

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