Foxconn, a part of the Hon Hai Group, is poised to enhance iPhone production with a NT$4.4 billion (US$142.4 million; US$1=NT$30.9) investment in its Indian subsidiary, as reported by the Economic Daily News on Feb 7. The investment is directed towards constructing a manufacturing facility to meet operational demands, underscoring Foxconn's ongoing commitment to expanding production capacity in India. This strategic move positions Foxconn for ICT products, including iPhone components, with expectations that its Indian production capacity will eventually rank second only to China. Currently, nearly 80% of iPhones produced in India are manufactured by Foxconn.
By 2027, it is predicted that India will contribute to 45-50% of Apple's iPhone production, aligning with China, where 80-85% of iPhones were produced in 2022.
The global smartphone market witnessed a modest improvement in the second half of 2023, notably in the third quarter of 2023, spurred by new device launches, including the Apple iPhone 15. Estimated iPhone shipments for 2023 stand at 220.7 million units. According to MIC (Market Intelligence & Consulting Institute), a division of the III (Institute for Information Industry), the projected global smartphone shipments for 2024 are approximately 1.15 billion units, reflecting a 3% year-on-year growth.