India is set to cross Rs 1,20,000 crore in mobile phone exports in the current fiscal year, with Apple leading the market with more than 50 per cent in FY24
Image for representational purposes only. Photo Courtesy: iStock
India is now the second-biggest manufacturing hub for mobile phones due to heavy investment from original equipment manufacturers, original design manufacturers and companies dealing in components and parts, a new report showed on Tuesday.
ADVERTISEMENT
India is expected to export about 22 per cent of its total assembled mobile phones in 2023, according to Counterpoint Research.
However, China’s manufacturing and supply chain will still maintain its essential role in the longer run,” said senior research analyst Ivan Lam.
In a fillip to the ‘Make in India’ initiative, India saw mobile phones exports worth $5.5 billion (over Rs 45,000 crore) in the April-August period in the ongoing fiscal year (FY24), government and industry data showed recently.
As per the estimates by the Department of Commerce and the India Cellular and Electronics Association (ICEA), the April-August period saw mobile phone exports worth $5.5 billion, against $3 billion (about Rs 25,000 crore) in the same period in FY22-23.
India is set to cross Rs 1,20,000 crore in mobile phone exports in the current fiscal year, with Apple leading the market with more than 50 per cent in FY24.
Meanwhile, according to the report, smartphone shipments from original design manufacturers (ODMs) and Independent Design Houses (ODMs/IDHs) declined six per cent (year-on-year) in the first half this year, according to the report.
“The YoY decline in ODM/IDH companies’ H1 2023 shipments was driven by Samsung, Xiaomi and Lenovo Group’s weak performance. However, Vivo, HONOR and Transsion Group’s rise offset part of the decline,” said senior research analyst Shenghao Bai.
Huaqin, Longcheer and Wingtech continued to dominate the competitive landscape of the global smartphone ODM/IDH industry in H1 2023.
The companies, also known as the ‘Big 3,’ accounted for 76 per cent of the global ODM/IDH smartphone market in the first half. Outsourced design shipments decreased in H1 2023 but their share increased when compared to the same period last year, the report mentioned. The top six ODMs took 95 per cent share of the total ODM shipments.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
