Summary:

India's smartphone exports reached a record $2 billion in October 2024, the highest monthly total ever. According to the Indian Cellular and Electronics Association (ICEA), smartphone shipments totaled US$ 10.6 billion in the first seven months of FY24, a 37% increase over the same period last year. October's surge, driven by Apple's iPhone, marked a 23% increase from May 2024 and a 70% rise from October 2023.

Smartphone exports from India are expected to reach US$ 15 billion in FY24, with Apple and its partners contributing more than $10 billion. The ICEA predicts that exports could grow to US$ 18-20 billion by FY25, accounting for 35% of India’s smartphone production. Apple's iPhone shipments represent over two-thirds of the export value. Key suppliers such as Foxconn, Pegatron, and Tata Electronics have played a crucial role, with Foxconn contributing one-third of the exports and Tata Electronics seeing a 115% year-on-year increase.

Source: IBEF 

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