According to a report from Business Standard, preliminary estimates by the Indian Cellular and Electronics Association (ICEA) indicate a significant rise in the value of mobile device production in India, reaching ₹4.1 lakh crore ($49.16 billion), marking a 17 percent year-on-year increase.

Despite stagnant domestic sales volume, the export value of mobile devices remains robust. Smartphone sales held steady at around 145-150 million units in FY24, with a slight uptick observed in the last quarter. The domestic market's production value is anticipated to have grown by 11 percent, from ₹2.6 lakh crore in FY23 to ₹2.9 lakh crore in FY24.

The report attributes the increase in average sale price to consumer preference for premiumization, particularly driven by the rising adoption of 5G phones. This trend, along with the export of premium-end mobile phones, significantly contributes to the overall production value. Apple emerged as a leader in export figures, with outbound shipments of mobile devices expected to exceed ₹1.2 lakh crore ($14.39 billion) in FY24, marking a 33 percent increase from FY23.

Early estimates suggest that exports constituted nearly 30 percent of the total production value in FY24, up from 25 percent in FY23, largely influenced by the production-linked incentive (PLI) scheme for mobile devices. Notable participants in the scheme include Apple’s vendors such as Foxconn, Wistron India (now Tata Electronics), Pegatron, and Samsung. Despite Apple's substantial contribution, expectations from Chinese companies have not materialized, and domestic companies, anticipated to become "global champions," have fallen short of expectations, as noted in the report.