India's Smartphone Exports Hit USD 2 Bn In October 2024
Date
11/18/2024 2:09:50 PM
(MENAFN- KNN India)
New Delhi, Nov 18 (KNN) India's smartphone industry achieved a historic milestone in October 2024, with exports surpassing USD 2 billion in a single month, according to the Indian Cellular and Electronics Association (ICEA).
This record-breaking performance represents a significant leap from previous figures, marking a 70 percent increase compared to October 2023 and a 23 percent rise from the previous peak of USD 1.78 billion in May 2024.
The country's smartphone exports have demonstrated remarkable momentum in the first seven months of FY25, reaching USD 10.6 billion, a 37 percent increase from the USD 7.8 billion recorded during the same period last year.
Apple and its manufacturing partners have emerged as the primary drivers of this growth, contributing approximately two-thirds of the total export value during this period.
Among the key manufacturers, Foxconn leads with roughly one-third of the USD 10.7 billion in exports, while Tata Electronics, which acquired Wistron's operations, accounts for about 20 percent.
Pegatron contributes 8 percent of the export value, with Foxconn reporting a 33 percent year-over-year increase and Tata Electronics showing an impressive 115 percent growth compared to FY24.
Samsung maintains a significant presence in India's export landscape, representing approximately 22 percent of total exports, with the remaining share distributed among Indian manufacturers and merchant exporters.
The Korean technology giant's contribution underscores the diverse nature of India's smartphone manufacturing ecosystem.
Looking forward, the ICEA projects that smartphone exports could reach between USD 18 billion and USD 20 billion by the end of FY25, a substantial increase from the USD 15 billion achieved in FY24.
The association anticipates that 35 percent of India's smartphone production by value will be destined for export markets during this period, highlighting the country's growing role in global mobile device supply chains.
(KNN Bureau)
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