India's Smartphone Market Faces Domestic Stagnation Amid Record Export Growth in 2025

India's smartphone market is expected to stagnate or slightly decline in 2026, with shipments remaining around 151-153 million units due to factors like longer device usage and growth in refurbished phones. Despite this domestic slowdown, smartphone exports surged to a record $30 billion in 2025, a 47% increase from 2024, largely driven by Apple's iPhone shipments. The government's production-linked incentive (PLI) scheme has significantly boosted manufacturing and exports, contributing to India's position as the world's second-largest mobile phone producer.