Apple(US:AAPL) Counterpoint Research·2025-03-27 03:49Core Viewpoint - The "Make in India" initiative is driving a 6% year-on-year growth in smartphone shipments in 2024, primarily fueled by the export growth of Apple and Samsung, which together account for approximately 94% of India's smartphone exports [1][4]. Group 1: Market Dynamics - Samsung maintains its leading position in India's smartphone manufacturing with a 7% year-on-year growth in shipments, supported by a 13% increase in exports [4][7]. - Foxconn Hon Hai's shipments in India grew by 19% year-on-year, driven by the strong performance of iPhone 14, iPhone 15, and iPhone 13 models [4][7]. - Tata Electronics emerged as the fastest-growing smartphone manufacturer in India in 2024, with a remarkable 107% year-on-year growth, largely attributed to the iPhone 15 and iPhone 16 [4][7]. Group 2: Future Projections - The Indian smartphone manufacturing sector is expected to achieve double-digit growth in 2025, bolstered by government initiatives and the diversification of global supply chains [5][6]. - The local value addition in smartphone manufacturing is anticipated to increase continuously, making India an attractive manufacturing hub due to its large domestic market and low labor costs [5][6]. Group 3: Competitive Landscape - Vivo ranks second in the market with a 14% year-on-year growth, benefiting from the expansion of offline retail channels and a strengthened distribution network [7]. - OPPO faced challenges in 2024, with a 34% decline in shipments due to intense market competition and increased reliance on contract manufacturing [7]. - Dixon became the largest manufacturer in the overall mobile device market, driven by partnerships with Transsion and Motorola, achieving a 39% year-on-year growth in smartphone shipments [8].