India's smartphone exports hit a record $2 billion in October, showcasing the country's growing influence in global mobile supply chains. With exports exceeding $10.6 billion in the first seven months of the fiscal year, a 37% increase from the previous year, projections hint at a robust growth trend. Apple's dominance, key suppliers like Foxconn, Pegatron, and Tata Electronics, and a positive outlook underline India's ascent as a significant player in the global smartphone market.
India's smartphone export industry has reached a remarkable milestone, smashing through the $2 billion mark in October, marking the highest monthly total ever achieved. This significant achievement, as per estimates by the Indian Cellular and Electronics Association (ICEA), a body representing global and domestic mobile device manufacturers, highlights India's increasing importance in the global mobile supply chain.
During the initial seven months of the ongoing financial year, smartphone exports in terms of value have already surpassed $10.6 billion, showcasing a substantial 37% year-on-year growth from the $7.8 billion recorded in the corresponding period last year. The outstanding performance in October, primarily propelled by Apple's iPhone, demonstrated a 23% surge from the previous peak of $1.78 billion in May 2024 and a remarkable 70% rise compared to the $1.2 billion in exports in October 2023.
Looking to the future, the trajectory of smartphone exports appears to be on a trajectory of continual growth in the upcoming fiscal year of 2024-2025. Total smartphone exports in the previous fiscal year amounted to $15 billion, with Apple and its affiliates contributing over $10 billion to this figure. ICEA foresees that if the current trends persist, exports could range between $18 billion and $20 billion by the conclusion of FY25. Noteworthy is the association's projection that 35% of India's smartphone production value will be directed towards exports during this period.
Apple's dominance is unmistakable, with iPhone shipments constituting nearly two-thirds of the total export value in the initial seven months of FY25. Key suppliers such as Foxconn, Pegatron, and Tata Electronics (formerly Wistron) have been pivotal in driving this growth. Apple has maintained an average of $1 billion in iPhone exports monthly since the beginning of this fiscal year. Despite an email request for comment from an Apple representative going unanswered, industry estimates and data shared with the government indicate that Foxconn has contributed roughly a third of the $10.7 billion in exports, while Tata Electronics has accounted for around 20%. Pegatron, another significant player, represents 8% of the export value. Foxconn and Tata Electronics have witnessed year-over-year export spikes of 33% and 115%, respectively.
Samsung is estimated to have played a role in about 22% of the total exports, with the rest being attributed to Indian manufacturers and merchant exporters. An inquiry directed towards Samsung did not yield a response. Tata Electronics, which assumed control of Wistron's operations nearly two years ago, underwent a transition phase in 2023. With a seamless transition completed, the company is now operating at full throttle in FY25.
In conclusion, the Indian smartphone export sector is on a rapid upward trajectory, with significant milestones already achieved and promising projections for the future. The industry's growth is not only bolstering the country's position in global supply chains but also underlining its potential as a key player in the international smartphone market.
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