Bengaluru, NFAPost: Establishing its global prowess in electronics manufacturing space, Counter Point research data states that India has become the second largest mobile phone manufacturing country after China.
According to the research report, India cumulatively manufactured handsets crossing two billion during 2014-2022. Also, it is important to note that domestic production is going to hit around 300 million handsets this calendar year, compared with 250 million a year ago.
The country is witnessing more investments happening in mobile phone and component manufacturing space. The report states that local manufcturing of mobile phone grew at 23% compounded annual rate between 2014 and 2022 on account of huge domestic demand.
The government is also taking keen interest in developing the manufacturing ecosystem as Rs 38,000 crore production linked incentive scheme is announced. The growing digital literacy of population also fueled the growth of mobile industry.
“In 2022, more than 98% of shipments in the overall Indian market were ‘Made in India’, compared with just 19% when this government took over in 2014,” said Counterpoint Research Director Tarun Pathak. The report also highlights the fact that India exported 20% of 250 million of handsets produced in India.
