28-Jul-2023
Key Highlights
India is becoming a more competitive country, as evidenced by the fact that its electronics exports to the US in FY 2023–2024 exceeded $20 billion.
The top electronic goods exports from India are televisions, refrigerators, and washing machines.
As per electronics export data, Tamil Nadu is the major electronics exporter with $9.56 billion.
The list of electronic goods exported from India includes mobile phones, laptops, consumer electronics, and medical and telecom equipment.
The top electronic items import from China include electronic integrated circuits and micro assemblies, electrical apparatus for line telephony or telegraphy, diodes, transistors, and similar semiconductor devices.
As per India electronics export data, India's export value will nearly triple to US$835 billion by 2030 from US$431 billion in 2023.
Over the past few decades, India has emerged as a significant player in the global electronics market. The country's electronics export industry is experiencing a remarkable growth rate, attracting attention from all corners of the world. Did you know? India's electronics exports exceeded $20 billion in the US in FY 2023–2024, indicating the nation's growing competitiveness. In this blog, we will explore the top driving factors that have contributed to remarkable growth in electronics exports from India. Along with this, we will also provide you with updated India electronics export data, with the top electronics exporters list.
The growth rate of the Indian electronics industry has been impressive in recent years. The domestic production of electronics has grown from $43 billion in FY17 to $87 billion in FY22. The export of electronic goods from India has also grown at a CAGR of 22%, from $5 billion in FY17 to $15 billion in FY22, as per electronic export data.
The government of India has been taking several initiatives to boost the country's electronics manufacturing sector. These include the Production-Linked Incentive (PLI) scheme, which offers financial incentives to companies that set up manufacturing plants in India. The government has also been working to improve the availability of semiconductors and other electronic components in the country.
As a result of these initiatives, the government has set a target of achieving $300 billion in electronics manufacturing by FY26. If this target is achieved, the electronics industry will become one of the largest sectors in the Indian economy.
Also Read: How to Export Electronics Products from India to Philippines?
It is projected that at a compound annual growth (CAGR) rate of 24%, India's export value will nearly triple to US$835 billion by 2030 from US$431 billion in 2023. Most American companies are among the investors in India, especially in the electronics sector.
To take advantage of India's growing domestic market and affordable labour, key players in East Asia, namely South Korea and Japan, are also investing heavily in the country's electronics, automotive, and consumer durable sectors.
Electronic goods export from India are anticipated to rise from US$28 billion in 2023 to US$61 billion in 2030, a more than twofold increase.
Here are some of the specific growth rates for different segments of the Indian electronics industry:
Mobile phones: The production of mobile phones in India has grown at a CAGR of 5%, from 58 million units in FY15 to 310 million units in FY23.
Consumer electronics: The consumer electronics market in India is expected to grow at a CAGR of 6.5% from 2022 to 2030.
Semiconductors: The semiconductor market in India is expected to grow at a CAGR of 20% from 2022 to 2026.
Now, dive into the key factors of India’s electronics export:
Several key factors are driving India's electronics export growth. Some of them are:
Exports and Global Impact: India's electronics exports have experienced substantial growth, with the nation now being recognized as a major player in the global electronics market. Based on electronics export data, India's monthly rise in electronic goods exports reached INR 248.72 billion (US$2.99 billion) in February 2024. According to reports, during the first nine months of FY2023–24, the sector's exports exceeded US$20 billion.
Competitive labour costs: India has a competitive labor cost advantage over other countries in the electronics manufacturing sector. This is due to the availability of a large pool of skilled and semi-skilled workers at relatively low wages.
The domestic demand for electronics products is also rising in India. This is due to a number of factors, including the increasing affluence of the Indian population, the growing penetration of smartphones and other electronic devices, and the government's focus on digitization.
The Indian government has been investing heavily in digitization. The government has launched a number of initiatives, such as the Digital India and Startup India programs, which are aimed at making India a digital economy.
To stay competitive, Indian electronics manufacturers have been investing in research and development, fostering innovation, and embracing advanced technologies like Artificial intelligence (AI), the Internet of Things (IoT), and 5G. This drive for innovation is positioning India as a key player in the development of next-gen electronics products.
India is strategically located in the heart of Asia and is well-connected to major markets in the region. This makes it an attractive destination for electronics manufacturers who want to export their products to other countries in Asia.
India is well-connected to major economies in Asia, such as China, Japan, and South Korea. This makes it easy for Indian electronics manufacturers to export their products to these markets.
Also Read: How to Boost Textile Exports from India?
As we know, India is a major exporter of electronics, with a wide range of products being shipped to countries all over the world. Some of the most common electronics items exported from India include:
Mobile phones: India is one of the world's leading manufacturers of mobile phones and exports handsets worth billions of dollars each year.
Laptops: India is also a major exporter of laptops, with companies like Dell, HP, and Lenovo all having manufacturing plants in the country.
Televisions: India is a major producer of televisions and exports millions of sets each year.
Computers: India exports a wide range of computer components, including motherboards, processors, and memory.
Medical Equipment: India is a major exporter of medical equipment, including surgical equipment, diagnostics, and imaging.
Telecom Equipment: India is a major exporter of telecom equipment, including routers, switches, and base stations.
Consumer electronics: The country exports a lot of appliances like washing machines, refrigerators, and televisions.
Electronic components: India exports components, including resistors, capacitors, and semiconductors.
In addition to these products, India also exports a wide range of other electronics products, such as cameras, printers, and audio equipment. To learn updated statistics on Indian electronics export products, electronics import in India, or electronics export from India, visit ExportImportData.in
Here are some of the top destinations for India's electronics exports:
United States
United Arab Emirates
China
Germany
Vietnam
Bangladesh
Sri Lanka
Nepal
Indonesia
These countries are major consumers of electronics, and they offer favorable trade terms to Indian exporters. As a result, they are the top destinations for India's electronics exports.
Also Read: How to Export iPhone from India?
India's electronics sector is expanding, and the government has provided short- and long-term goals to make the country a hub for electronics manufacture and exports.
Make India the world's leading producer and exporter of electronics.
Make a significant contribution to the global value chain.
Create a full ecosystem worth more than US$1 trillion for mobile devices, consumer electronics, and IT gear in the upcoming ten years.
By 2025–2026, the government expects electronics to be among the top three export commodities. The demand for electronics is expected to grow to US$180 billion by 2025–2026, thanks to several government initiatives. The achievement of these objectives would depend heavily on global competitiveness at the highest scale.
Conclusion
So, electronics exports from India are growing steadily and are expected to continue to grow in the coming years. The key drivers of this growth include government policies, rising domestic demand, a skilled workforce, a competitive cost structure, and a strategic location. The government has set a target of achieving $300 billion in electronics manufacturing by FY26.
So, if you are looking for information on India's electronics exports, ExportImportData.in is the best source for India's electronics export import data or electronics exporter list. We provide comprehensive India Trade data on electronics exports from India, including market trends, product prices, HS codes, and supplier information. Visit ExportImportData.in today! and book a free live demo with us.
Export Import Data solutions is one of the best online import export websites in India that provides trade data services and trading business information. Currently, Export import data is the best import export data provider and market research companies in India.
As per electronics exporter data, the list of electronic items export from India are mobile phones, laptops, consumer electronics, and medical and telecom equipment.
In the fiscal year that ended on March 31, 2024, drugs and pharmaceuticals came in second place with $29.1 billion, making India the fifth-largest exporter.
Based on electronics export data, China has been the world's biggest exporter of electronics for a long time.
Top import electronics from China include electronic integrated circuits and micro assemblies, electrical apparatus for line telephony or telegraphy, diodes, etc.
The top 10 electronics exporting countries include: China Germany South Korea Japan Taiwan Singapore Netherlands Malaysia Mexico
