Exciting Growth in ‘Made in India’ Smartphone Shipments!
Great news for tech enthusiasts! Shipments of ‘Made in India’ smartphones surged by 6% year-on-year (YoY) in 2024, primarily driven by phenomenal exports from industry giants Apple and Samsung. According to Counterpoint’s latest ‘Make in India’ Service report, these two brands accounted for an impressive 94% of India’s smartphone exports, amplifying the country’s efforts to reduce import dependency and strengthen its position in global supply chains.
The Indian government’s Production-Linked Incentive (PLI) scheme has significantly impacted this growth, encouraging global manufacturers to set up or expand operations in India. This initiative has not only enhanced local manufacturing capabilities but also created opportunities for consumers to snag great deals on the latest tech products. Be sure to check out looffers.com for the best discounts and offers on smartphones!
Performance Highlights of Key Manufacturers in 2024
Samsung continues to lead the electronics manufacturing space in India, achieving a robust 7% YoY growth driven by increased exports. Meanwhile, vivo captured 14% of the shipment share, thanks to its expanded offline retail network, marking its position as the leader in smartphone shipments this year.
Foxconn, bolstered by Apple, saw a remarkable 19% YoY rise in manufacturing volumes, while Tata Electronics achieved an astounding 107% YoY growth, emerging as the fastest-growing manufacturer. This surge can be attributed to the iPhone 15 and iPhone 16 models, alongside their new assembly operations and semiconductor fabrication project in Gujarat.
However, not all manufacturers fared well. OPPO experienced a significant decline in shipments by 34% YoY, impacted by fierce competition and an increasing share of contract manufacturing.
Market Dynamics and Future Outlook
As the market evolves, Senior Research Analyst Prachir Singh emphasizes that global manufacturers are diversifying production to build resilient supply chains. With India’s large local market, cost-effective labor, and supportive government policies, smartphone production in India is projected to grow in double digits by 2025, with increased local value addition.
Stay ahead of the curve and make the most of this booming smartphone market! Don’t forget to visit looffers.com for unbeatable deals on your next smartphone purchase!
