According to preliminary assessments by the Indian Cellular and Electronics Association (ICEA), there has been a notable 17% year-on-year rise, totaling US$ 49.16 billion (Rs. 4.1 lakh crore), in the value of mobile devices manufactured in India during the fiscal year 2024 (FY24). Despite stagnant domestic sales figures, the export of mobile devices has remained strong, with smartphone sales holding steady at 145-150 million units in FY24, witnessing a slight increase in the last quarter. The production value for the domestic market is estimated to have surged by 11%, climbing from US$ 31.1 billion (Rs. 2.6 lakh crore) in FY23 to US$ 34.7 billion (Rs. 2.9 lakh crore) in FY24. This rise in average sale price is attributed to consumer preference for premiumization, especially with the increasing adoption of 5G phones, as well as the export of high-end mobile devices.
Apple stands out as a leader in export numbers, with the projected outbound shipments of mobile devices expected to surpass US$14.39 billion (Rs. 1.2 lakh crore) in FY24, marking a significant 33% increase from US$ 10.8 billion (Rs. 90,000 crore) in FY23. Early estimates indicate that exports made up nearly 30% of the total production value in FY24, up from 25% in FY23, driven by the production-linked incentive (PLI) scheme for mobile devices. Prominent participants in this growth include Apple’s suppliers such as Foxconn, Wistron India (now Tata Electronics), Pegatron, and Samsung. However, while Apple’s contribution is noteworthy, the anticipated performance from Chinese companies has not materialized as expected, and domestic companies identified as “global champions” have not met the projected expectations.
