India Mobile Phone Accessories Market Growth Driven By Increasing Smartphone Penetration
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| India Mobile Phone Accessories Market |
Mobile
phone accessories such as protective cases, screen protectors, chargers, and
headphones have become an essential part of day-to-day lives with growing
dependence on smartphones for various activities. Protective phone cases
provide protection against drops and scratches, while screen protectors prevent
cracks on touchscreens. Wireless headphones and Bluetooth earphones provide
wireless connectivity for hands-free usage. Also, portable battery packs and
fast chargers ensure uninterrupted smartphone usage. The growth in the number
of smartphone subscribers in India on account of high-speed internet
connectivity and affordable data plans has increased the demand for mobile
phone accessories in the country.
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 key trend gaining traction in the India mobile phone accessories market is
the growing popularity of wireless accessories. Wireless headphones and
earphones are becoming increasingly popular due to their convenience and
portability. Leading players are focusing on introducing advanced features like
active noise cancellation, quick charging, and long battery life to gain
consumer traction. For instance, boAt, Noise, and Boult Audio have emerged as
promising domestic brands offering affordable truly wireless earbuds. Moreover,
the increasing sales of premium and flagship smartphones are augmenting the
demand forcompatible high-quality chargers and data transfer cables among
consumers. Manufacturers are also focusing on making affordable accessories
available in rural areas to tap the potential offered by low-tier cities.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the growing
mobile phone accessories market in India requires high initial investment and
established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high given the
availability of alternatives and low switching costs. Buyers can negotiate on
price points.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as
major players source materials from a limited number of global suppliers and
distributors.
Threat of new substitutes: The threat of new substitutes is low as mobile phone
accessories have few close substitutes and technologies that may replace them
are still nascent.
Competitive rivalry: Competition is intense as the major players compete on the
basis of pricing, quality, durability and customization.
Key Takeaways
The Global
India Mobile Phone Accessories Market Size is expected to witness high
growth over the forecast period of 2023 to 2030. 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 comprises, The Western region dominates the India mobile phone
accessories market and is expected to grow at a high CAGR during the forecast
period owing to high disposable incomes and rising sales of premium smartphones
brands across the region. Southern region is also expected to grow at a
significant pace during the forecast period.
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. Key players are focusing on expanding their production
facilities and regional presence to capitalize on the high growth opportunities.
Players are investing in innovations along with strategic partnerships and
mergers & acquisitions for product development and market penetration.
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