Apple's market share to be more than 50% in India's mobile exports in FY24

21 Jun 2023 , 10:59 AM

According to the country’s main electronics industry association, India is on track to export mobile phones worth more than Rs 1,20,000 crore in the current fiscal year, led by tech giant Apple and supported by favorable government policies and the production-linked incentive (PLI) program.

Due to the India Cellular and Electronics Association (ICEA), exports of mobile phones have already increased by a staggering 128% in the months of April and May of this year.

As stated by Pankaj Mohindroo to ET, Chairman of ICEA, ‘Mobile phone exports growth in 2023-24 have bucked the trend of falling exports with a growth of 128 percent in the first two months of 2023-24.’

According to Mohindroo, ‘We are confident of exceeding Rs 120,000 crore in this fiscal year compared to Rs 90,000 crore in the previous fiscal year, which was a phenomenal 90% growth.’

The ICEA predicts that Apple’s market share will rise above 50% in FY24.

May saw record-breaking iPhone exports of Rs 10,000 crore, bringing the country’s overall mobile shipment total to Rs 12,000 crore.

In the fiscal year 2022–2023, the nation’s smartphone exports exceeded a record Rs 90,000 crore.

India currently sells mobile phones to the United Arab Emirates, the United States, the Netherlands, the United Kingdom, and Italy in that order.

Mohindroo predicts that ‘the manufacturing output of the mobile phone industry will cross $40 billion.’

According to predictions, India and Vietnam would stand to gain the most from the shift of the smartphone supply chain away from China.

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