New Delhi: There has been a significant rise in the value of mobile devices produced in India, reaching Rs 4.1 lakh crore ($49.16 billion), marking a 17 percent year-on-year increase, preliminary estimates by the Indian Cellular and Electronics Association (ICEA) revealed. This comes despite stagnant domestic sales volume.

Smartphone sales remained steady at 145-150 million units in FY24, with a slight uptick in the last quarter. The production value for the domestic market grew by 11 percent, from Rs 2.6 lakh crore in FY23 to Rs 2.9 lakh crore in FY24. Experts attribute the increase in the average sale price to the preference for premiumization and the export of premium-end mobile phones.

Meanwhile, US-giant Apple has emerged as a frontrunner in export figures, with outbound shipments anticipated to exceed Rs 1.2 lakh crore ($14.39 billion) in FY24, marking a 33 percent increase from the previous fiscal year.

Early estimates suggest that exports accounted for nearly 30 percent of the total production value in FY24, up from 25 percent in FY23, with the production-linked incentive (PLI) scheme playing a significant role.

Apple’s vendors, including Foxconn, Wistron India (now Tata Electronics), and Pegatron, along with Samsung, are notable participants in the Indian mobile device manufacturing landscape. Notably, the US company rolled out the release of its last flagship product – the iPhone 15 – on the same day and date as its devices manufactured in China. Apple CEO Tim Cook has underlined that the company seeks to develop India as a major manufacturing and consumer in the premium phone segment.

Meanwhile, expectations from Chinese companies have not materialized, and domestic companies, once anticipated to become "global champions," have fallen short, according to the report.

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