by Mobile phone accessories such as protective cases, screen guards, chargers, memory cards, portable speakers, and earphones have become an essential part of our daily lives. The constant innovation and upgradation in the smartphone industry coupled with competitive pricing by manufactures has resulted in increased adoption of smartphones across India. According to reports, India had over 550 million smartphone users in 2021 which is expected to touch 750 million by 2026. This rapid growth in smartphone penetration in India has augmented the demand for phone accessories which provide extra functionality and protection to expensive devices.
The global India Mobile Phone Accessories Market is estimated to be valued at US$ 2455.97 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the India mobile phone accessories market is the rising adoption of smartphones. As mentioned earlier, India has witnessed phenomenal growth in smartphone penetration over the past few years. This has augmented the demand for phone accessories like screen guard, protective cases, chargers, earphones etc. which not only protects expensive devices but also enhances usability. Another major factor fueling the market growth is the increasing disposable income of Indian consumers. More people can now afford to purchase smartphones as well as extra accessories. Moreover, intense competition among manufacturers has led to declining prices of both smartphones and accessories making them accessible to mass population. With growing penetration of online retail, mobile accessories have become easily available leading to their rising sales in India.
SWOT Analysis
Strength: India’s large population forms a huge customer base for mobile phone accessories market. Rising income levels in urban areas have increased purchasing power. Online and organized retail stores provide wide options to customers. Government initiatives like ‘Make in India’ and export incentives have attracted global mobile phone brands to set up local manufacturing plants.
Weakness: Counterfeit products of inferior quality penetrate the market affecting sales of established brands. Lack of standardized testing and certification processes compromise on product quality. Competition from Chinese manufacturers keeps margins low for domestic accessory makers.
Opportunity: Growing preference for value added accessories like Bluetooth headsets, selfie sticks and power banks present new revenue streams. Demand for accessories compatible with 5G networks will expand as 5G adoption increases post 2023. Telecom operators can bundle compatible accessories with device upgrades.
Threats: Frequent technology upgrade cycles shorten life of some accessories requiring faster replacement. Economic slowdowns lower discretionary spending affecting market demand. Stronger Chinese Yuan increases import cost of cheap Chinese products denting domestic sales.
Key Takeaways
The Global India Mobile Phone Accessories Market Size is expected to witness high growth. It is projected to rise at a CAGR of 4.9% during the forecast period of 2023-2030. The market was valued at US$ 2455.97 Bn in 2024 and is anticipated to reach US$ 3543.19 Bn by 2030.
Regional analysis related content comprises:
The mobile phone accessories market in India is dominated by urban centers like Delhi, Mumbai, Bengaluru and Chennai where maximum sales occur. Southern and Western regions account for over 50% share due to high smartphone adoption. States like Tamil Nadu, Karnataka and Maharashtra have emerged as key manufacturing hubs attracting global companies.
Key players related content comprises:
Key players operating in the India Mobile Phone Accessories market are The Sherwin-Williams Company, PPG Industries, BASF SE, Akzo Nobel N.V. and RPM International Inc. They cater to high-end customers through branded premium products. Local Indian brands like Boat and Zebronics dominate affordable price segments through online retail channels.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
