- Smartphone exports in India have more than doubled in the last fiscal year reaching $11.2 billion
- Apple accounted for nearly half of the total exports at an estimated $5 billion to $5.5 billion
- India's growing smartphone exports are attributed to local smartphone production program incentives
- Evidence of Apple's continued efforts to diversify product manufacturing beyond China
With Apple at the forefront, India’s smartphone exports grew well beyond expectations within the last fiscal year, according to a report from TechCrunch.
Apple made up nearly half of the total smartphone exports in India, contributing between $5 billion to $5.5 billion, according to industry analysts, says the report. South Korean company Samsung Electronics followed in second place, accounting for $4 billion of India’s smartphone exports.
India’s smartphone exports have more than doubled, surpassing initial targets of $9-10 billion and reaching above $11 billion within the fiscal year that ended in March, adoccording to trade data that TechCrunch obtained from India Cellular and Electronics Association and Indian government officials.
Several industry tech giants, including Apple, have continued to expand their footprint in India. Mounting COVID restrictions in China, and India’s deployment of local smartphone production program incentives worth $6.6 billion, are cited as key factors contributing to the boom in production.
Apple is expected to continue expanding its product manufacturing efforts in India with plans to produce a quarter of all iPhones in the country by 2025, according to analysts at JP Morgan featured in a separate TechCrunch report.
Apple’s growing presence in India is also evidenced by its recent retail expansion into the region. Its first two Apple Store locations, Apple BKC and Apple Saket, are set to open on April 18 and April 20, as revenue from smartphone sales in India continue to increase.
