India's electronics manufacturing sector is expected to reach Rs 7-8 lakh crore by 2030, according to a CareEdge Ratings report released on Friday. The industry is expected to expand at a compound annual growth rate of 20-25 percent over the next five years, driven by demand for smartphones, consumer electronics, and automotive components.
Smartphones represent 62 percent of the market in fiscal year 2025, and the segment grew at a 28 percent compound annual growth rate between fiscal years 2020 and 2025. Production has surged from Rs 18,900 crore in fiscal year 2014 to Rs 4,22,000 crore in fiscal year 2024, with exports comprising 36 percent of output.
Government initiatives, such as the Production Linked Incentive scheme, have attracted investment, and manufacturing units have expanded from two facilities in 2014 to more than 300 by 2024. India produces nearly 99 percent of smartphones sold domestically, with annual output exceeding 325-330 million units.
Smartphones represent 62 percent of the market in fiscal year 2025, and the segment grew at a 28 percent compound annual growth rate between fiscal years 2020 and 2025. Production has surged from Rs 18,900 crore in fiscal year 2014 to Rs 4,22,000 crore in fiscal year 2024, with exports comprising 36 percent of output.
Government initiatives, such as the Production Linked Incentive scheme, have attracted investment, and manufacturing units have expanded from two facilities in 2014 to more than 300 by 2024. India produces nearly 99 percent of smartphones sold domestically, with annual output exceeding 325-330 million units.
