by The 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 9.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
These accessories enhance the functionality and lifespan of mobile phones. The rising adoption of smartphones and growing demand for mobile accessories due to increasing number of mobile phone subscribers have propelled the growth of this market in India. As of 2021, the number of smartphone users reached around 750 million in India, creating substantial demand for protective cases, batteries, and other compatible accessories.
Market key trends:
One of the key trends spurring growth in the India Mobile Phone Accessories Market is the expansion of e-commerce platforms. E-commerce has emerged as a major sales channel for mobile phone accessories in India. Major e-commerce players such as Amazon, Flipkart, Snapdeal, and Paytm Mall offer a wide range of mobile accessories from different brands at discounted prices. This has boosted the online sales of mobile phone accessories in recent years. According to estimates, the online sale of mobile accessories in India grew at a CAGR of over 20% during 2018-2021. The rising internet and smartphone penetration coupled with growing preference of customers towards online shopping is expected to further propel the e-commerce sales of mobile phone accessories over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the India mobile phone accessories market is moderate. New companies need major investments to establish manufacturing facilities and distribution networks. Bargaining power of buyers: The bargaining power of buyers in the India mobile phone accessories market is high. Buyers have a large number of product options across different brands and price points. Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are many suppliers for components and raw materials but establishing long term relationships is important. Threat of new substitutes: The threat of substitutes is low. There are few products that can effectively substitute mobile phone accessories. Competitive rivalry: High as the market has numerous local and international players competing on the basis of innovation, pricing and quality.
Key Takeaways
India mobile phone accessories market Size is expected to witness high growth, exhibiting CAGR of 9.7% over the forecast period, due to increasing penetration of smartphones in India. The market size for 2023 is US$ 2455.97 Bn.
Regional analysis: North India region dominates the India mobile phone accessories market currently. However, South India region is projected to witness the fastest growth during the forecast period owing to rising disposable incomes.
Key players operating in the India mobile phone accessories market are Kingston Technology Corporation, Apple Inc., SanDisk Corp., Samsung Electronics Co. Ltd., Skullcandy, Inc., Microsoft Corporation, Sony Corp., Capdase International Limited, and Moshi, by Aevoe Group. Key players are focusing on expanding their product portfolio through continuous innovation to cater to evolving customer needs. They are also investing in brand building activities to strengthen their market position
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
