In a notable achievement for the government, smartphone exports have soared to $60 billion in the first seven months (April to October) of the financial year 2023-24.
Apple emerges as a front-runner in this race, exporting iPhones worth an impressive $5 billion, marking a substantial annual growth of 177%.
Telecom Minister Announces $8 Billion Total Mobile Exports
Telecom Minister Ashwini Vaishna shared encouraging news on the mobile export front, revealing that mobiles worth $8 billion have been exported in the first seven months of the financial year.
This reflects a robust 60% growth compared to the same period last year when total exports amounted to $4.97 billion.
Consistent Monthly Exports: $1 Billion Worth Smartphones
Minister Vaishna further disclosed that an average of $1 billion worth of mobile phones is being exported every month.
Industry and government data indicate that Apple alone has exported iPhones worth $1.8 billion through its three vendors in India, contributing significantly to the overall smartphone export growth of 61% on an annual basis.
Apple’s Market Share Soars to 62% with Increased Manufacturing
Apple’s strategic move to increase manufacturing in India under the PLI (Production-Linked Incentive) scheme has yielded substantial results.
In the first seven months of the current financial year, iPhone’s market share in total smartphone exports reached an impressive 62%.
This surge follows the export of smartphones worth $5.8 billion last year, where iPhones accounted for 22% of the total.
Key Manufacturing Players and Models
Taiwanese companies Foxconn, Pegatron, and Visteon play a pivotal role in manufacturing iPhones under contract in India.
Notably, Tata Electronics recently acquired Visteon. The iPhones produced in India include popular models like iPhone 11, iPhone 12, iPhone 13, iPhone 14, and iPhone 15.
In the financial year 2023, India contributed to 7% of the total iPhone production.
This surge in smartphone exports, particularly driven by Apple’s significant contribution, showcases India’s growing prowess in the global mobile market.
