In the 2022 fiscal year which ended in March 2023, smartphones were India's fifth largest export item with Apple taking the leading role, according to data shown in the Indian media Business Standard.
India’s smartphone exports reached $10.9 billion in the fiscal year, doubling the previous year’s figure of $5.4 billion.
The report affirmed that iPhone accounted for 50% of India's smartphone exports in 2022, followed by Samsung's smartphone products. Meanwhile, in 2021, iPhone only accounted for 24%, and the export value of smartphones was ranked ninth among India’s export products.
In addition, the report added that India accounted for 5% of the overall iPhone production, up from 1% in 2020, and Apple plans to increase India's share to 25% in 2025.
With this level of growth, the market is expected to account for 10% to 15% of the overall iPhone and 30% of other smartphone production by 2024 as the government is actively inviting international manufacturers to produce in India, which may also allow India to replace Vietnam and become the world's second-largest mobile phone exporter after China.