Foxconn’s India Push Hits 11%: Asset Share Climbs to Third Globally
Taiwan-based electronics giant Foxconn (Hon Hai Precision Industry) has made India its fastest-growing global asset hub, with the country’s share in the firm’s non-current assets soaring nearly fourfold in just three years. From a modest 2.6% in 2022, following the introduction of India’s Production-Linked Incentive (PLI) scheme for mobile devices, India’s share jumped to 10.8% by 2024—elevating it to Foxconn’s third-largest asset base, ahead of its home market Taiwan, and even surpassing the U.S. and Mexico.
Foxconn India
This growth highlights Foxconn’s rapid scale-up in India, fueled by government incentives and strategic investments in smartphone and consumer electronics manufacturing facilities across Tamil Nadu, Karnataka, and Gujarat. The rise in India’s asset share also coincides with a relative decline in Foxconn’s China holdings, which fell from 56.8% in 2022 to 49.4% in 2024.
Global Asset Shift
India’s ascent reflects a broader shift in Foxconn’s global strategy, diversifying away from China-dominated infrastructure toward multiple hubs. The top four markets now include China, India, Vietnam, and the U.S., marking a deliberate effort to regionalize supply chains and bolster resilience in response to geopolitical and trade uncertainties.
Strategic Context
Foxconn’s India expansion forms part of Apple’s broader move to relocate iPhone production to India—primarily to serve U.S. markets—and aligns with the company’s global diversification goals. Industry analysts suggest India-made iPhone shipments could reach 25–30% of global volumes by year-end, underscoring the rapid maturation of India’s electronics ecosystem.
