India’s smartphone exports sets new record of crossing $2 bn mark in October 2024

NEW DELHI : India’s smartphone exports have set a new benchmark, surging past the $2 billion mark in October — the highest monthly total ever recorded. This milestone, according to estimates from the Indian Cellular and Electronics Association (ICEA), an industry body representing both global and domestic mobile device manufacturers, underscores the country’s growing prominence in global mobile supply chains. 

In the first seven months of the current financial year, smartphone exports in value terms have already exceeded $10.6 billion — marking a 37 per cent year-over-year increase from the $7.8 billion recorded in the same period last year. October’s performance, driven largely by Apple’s iPhone, saw a 23 per cent jump from the previous high of $1.78 billion in May 2024, and a 70 per cent increase compared to the $1.2 billion in exports in October 2023. 

Looking ahead, the export trajectory is poised for further growth in 2024-2025. Total smartphone exports in FY24 reached $15 billion, with Apple and its suppliers accounting for over $10 billion. ICEA anticipates that, if current trends hold, exports could reach between $18 billion and $20 billion by the end of FY25. Notably, the association forecasts that 35 per cent of India’s smartphone production by value will be exported during this period. 

Apple’s dominance is particularly evident, with its iPhone shipments accounting for nearly two-thirds of the total export value in the first seven months of FY25. Key suppliers — Foxconn, Pegatron, and Tata Electronics (formerly Wistron) — have been the principal drivers of this growth. Since the start of this financial year, Apple has averaged $1 billion in iPhone exports per month. An e-mail request for comment from an Apple spokesperson did not elicit a response. 

According to industry estimates and data shared with the government, Foxconn has contributed about a third of the $10.7 billion in exports, while Tata Electronics has accounted for approximately 20 per cent. Pegatron, another major player, represents 8 per cent of the export value. Foxconn’s exports are up 33 per cent year-over-year, while Tata Electronics has seen a 115 per cent increase compared to the same period in FY24. 

Samsung is estimated to have contributed about 22 per cent of total exports, with the remaining share accounted for by Indian manufacturers and merchant exporters. A query to Samsung did not elicit any response. 

Tata Electronics, which took over Wistron’s operations nearly two years ago, spent 2023 navigating the transition. With a smooth transition, the company is firing from all cylinders in FY25.