In a significant development, India has overtaken China and Vietnam in smartphone exports, according to a recent report by the International Trade Centre. The country's mobile export market has witnessed a remarkable growth of over 40% in 2024, while China's mobile export market has declined by 2.78% and Vietnam's by 17.6%.
India's remarkable growth in smartphone exports can be attributed to the Production Linked Incentive (PLI) scheme launched by the Indian government. The scheme aims to encourage foreign companies to set up manufacturing units in India and promote local production. As a result, global smartphone giants like Apple, Vivo, Xiaomi, and Samsung have started producing smartphones in India.
According to the International Trade Centre's data, the global mobile export market was valued at $136.3 billion in 2023, which declined to $132.5 billion in 2024. Vietnam's mobile export market share declined from 31.9% in 2023 to 26.27% in 2024. On the other hand, India's mobile export market share increased from $11.1 billion in 2023 to $15.6 billion in 2024, registering a growth of 4.50% in just one year.
India's growth in smartphone exports is a significant achievement, considering China and Vietnam have long dominated the global mobile export market. The PLI scheme has played a crucial role in attracting foreign investment and promoting local production in India. As a result, India has emerged as a significant player in the global smartphone export market, and its growth is expected to continue in the coming years."
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