The Indian government's Production-Linked Incentive (PLI) scheme, which encourages global manufacturers to set up production facilities in the country and make products locally, seems to be paying off for all parties involved. The “Made in India” smartphone market increased by 6% in 2024, and Samsung kept the lead.
Samsung is the largest smartphone brand that manufactures handsets in India. It had a 20% market share and registered a 7% growth year-on-year by the end of 2024.
According to Counterpoint Research, the Korean tech giant improved its position thanks to a 13% year-on-year increase in exports. In the “Made in India” smartphone segment, Samsung was followed by:
- Vivo with a 14% market share.
- Foxconn with 12%.
- Oppo with 12%.
- DBG with 12%.
Of the top five brands, Oppo was the only one to experience a decline in the “Made in India” smartphone market, as it dropped from 19% in 2023 to 12% a year later. Oppo faced intense competition but also fell short because of contract manufacturing deals.
It's worth noting that local manufacturers such as Foxconn and Tata Electronics assemble iPhones in India. Tata Electronics was the fastest-growing phone manufacturer thanks to the iPhone 15 and iPhone 16.
Tata Electronics expanded its iPhone assembly plants and even entered the semiconductor game at a new plant in Gujarat.
Apple and Samsung combined account for roughly 94% of India's smartphone exports. In the future, Foxconn intends to set up a local smartphone display manufacturing facility to improve its production capabilities.
Samsung manufactures Galaxy phones of varying price points in India. Even the latest Galaxy S25 series sold in India is made at the Noida plant. The tech giant also assembles Galaxy A, Galaxy F, and Galaxy M models locally.
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These findings suggest that the PLI scheme, combined with the benefits of diversifying the supply chain and affordable labor costs, has helped smartphone makers like Samsung set up production facilities in India and increase local production.
Market watchers expect “Made in India” smartphone manufacturing to grow in double digits this year.
