The mobile phone accessories market in India has witnessed robust growth over the past decade supported by a vast infrastructure for telecommunications and a large consumer base embracing newer technologies. Mobile phone accessories such as protective cases, screen guards, power banks, and headsets provide extra utility and protection to smartphones. With over 115 crore mobile subscribers in India, the demand for phone accessories that enhance device functionality and lifespan remains steady.
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 key trends:
The growth of the India mobile phone accessories market is propelled by a steady rise in the number of mobile phone users across both urban and rural regions of the country. Increasing internet and smartphone penetration driven by low-cost mobile data plans and devices has expanded the potential consumer base for phone accessories over the past 5 years. It is estimated that the number of smartphone users in India will increase to about 830 million by 2022 driven by widespread 4G network coverage and availability of affordable 4G devices. This rapid growth in smartphone adoption provides a strong boost to sales of complementary phone accessories as users realize the need for protection gear and extended battery life to get the best experience from their devices.
SWOT Analysis
Strength: The large and growing domestic mobile phone user base in India provides a huge potential customer base for mobile phone accessories.
Weakness: Low-cost Chinese imports put pricing pressure on domestic mobile phone accessories manufacturers.
Opportunity: Growing demand for premium and specialized accessories like wireless headphones, portable power banks, and smart watches presents an opportunity for innovative accessories manufacturers.
Threats: Increased digitalization and shift towards using mobile phones for longer duration can reduce the replacement cycle of accessories.
Key Takeaways
The Global India Mobile Phone Accessories Market Size is expected to witness high growth. 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.
Regional analysis comprised The Asia Pacific region dominates the India mobile phone accessories market currently. China, Japan, South Korea and India are major contributors to the growth of the market in the region. India is expected to witness the fastest growth during the forecast period supported by rising smartphone adoption, increasing disposable income, and favorable government policies promoting local manufacturing.
Key players operating in the India Mobile Phone Accessories market are The Sherwin-Williams Company, PPG Industries, BASF SE, Akzo Nobel N.V. Key players operating in the India Mobile Phone Accessories market are The Sherwin-Williams Company, PPG Industries, BASF SE, Akzo Nobel N.V., RPM International Inc. Indian mobile phone accessories manufacturers are investing in new product development and focusing on customized accessories for specific mobile device brands and models to gain an edge over competitors. Partnerships and endorsement deals with popular smartphone brands are other strategies adopted by local players to increase market share.
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