India’s smartphone exports achieved a historic milestone in October 2024, surpassing $2 billion for the first time ever. The Indian Cellular and Electronics Association (ICEA) indicates that this new benchmark emphasizes the country’s emerging role. It highlights the significance in the global mobile supply chain. Major players like Apple have delivered robust performance. This surge signifies a significant shift in India’s electronics manufacturing and export landscape.

Steady Growth in Exports

Over the first seven months of the current financial year (April-October 2024), smartphone exports have reached $10.6 billion. This figure shows a 37% increase from the $7.8 billion recorded in the same period the last year. October’s record-breaking $2 billion in exports was primarily driven by Apple’s iPhone. This growth showcases a 23% rise from the earlier high of $1.78 billion in May 2024 and a staggering 70% increase from October 2023’s $1.2 billion.

Key Figures and Growth Trends

Period	Export Value ($ Billion)	Year-Over-Year Growth
April-October 2023	7.8	—
April-October 2024	10.6	37%
October 2023	1.2	—
October 2024	2.0	70%
Highest Previous (May 2024)	1.78	—

Future Outlook: Strong Trajectory

The ICEA foresees impressive growth in smartphone exports. These exports are expected to reach remarkable figures in FY25. Expectations range from $18 billion to $20 billion. For FY24, total smartphone exports were valued at $15 billion. Apple and its key suppliers were responsible for over $10 billion of that amount. If this momentum continues, exports will grow significantly. They constitute about 35% of India’s total smartphone production value by the end of FY25.

Export Projections

Financial Year	Total Exports ($ Billion)	Apple’s Contribution	Percentage of Production Exported
FY24	15	Over 10	—
FY25 (Projected)	18-20	—	35%

Apple’s Dominance and Key Contributors

Apple has significant influence in India’s smartphone export sector. iPhone shipments account for almost two-thirds of the export value in the first seven months of FY25. Apple’s suppliers — Foxconn, Pegatron, and Tata Electronics (which took over Wistron’s operations) — have been pivotal in this success. Apple has consistently averaged $1 billion in iPhone exports monthly since the start of the financial year.

Major Contributors Breakdown

Company	Contribution to $10.7 Billion	Year-Over-Year Growth
Foxconn	33%	33%
Tata Electronics	20%	115%
Pegatron	8%	—
Samsung	22%	—
Indian Manufacturers	Remaining Share	—

Tata Electronics’ Remarkable Growth

Tata Electronics, which acquired Wistron’s operations nearly two years ago, experienced a transformative year in 2023. The company has successfully transitioned operations and is now playing a crucial role in boosting India’s smartphone export figures. Tata’s 115% year-over-year increase in export value highlights the effectiveness of its strategic initiatives.

Conclusion

India’s smartphone export industry is booming, driven by global tech giants and strategic local manufacturing partnerships. The sustained growth and projected figures highlight the country’s potential. It is becoming a key player in the global electronics market. Apple and its ecosystem are leading the charge.