India Mobile Phone Accessories Market is Estimated To Witness High Growth Owing To Growth in Adoption of Smartphones

India Mobile Phone Accessories Market

The India mobile phone accessories market is estimated to be valued at US$ 2,238.4 Mn in 2022 and is expected to exhibit a CAGR of 9.72% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Mobile phone accessories include chargers, batteries, protective covers, portable speakers, memory cards, headphones, and power banks. They provide protection, enhance storage capacity, extend battery life and offer an enhanced audio/visual experience. The growing popularity of advanced features like big touchscreen displays, wireless connectivity and digital assistants in smartphones has fueled the demand for accessories that can leverage these features.

Market key trends:
The India mobile phone accessories market growth is majorly driven by the rising adoption of smartphones in the country. As per a report published by Telecom Regulatory Authority of India (TRAI), the number of wireless subscribers in India surpassed the 1.2 billion mark at the end of May 2022. The increasing penetration of high-speed internet and availability of affordable data packages are propelling the demand for smartphones. This is creating significant opportunities for mobile phone accessories manufacturers. Furthermore, continuous technology upgrades and introduction of advanced features like wireless charging, biometric authentication and virtual assistants in smartphones are encouraging consumers to frequently replace their old accessories with compatible new ones. Product innovation with focus on design, durability and personalized user experience is another key trend shaping the market.

Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as setting up new facilities and distribution channels requires huge capital investments and presence of well established players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of wide range of products from various brands and options for consumers to switch among alternatives.
Bargaining power of suppliers: The bargaining power of suppliers is medium as mobile phone accessories are made of commonly available raw materials. However, switching costs for changing suppliers are high.
Threat of new substitutes: Threat of new substitutes is medium as though mobile phones are replacing conventional camera/mp3 players but mobile phone accessories industry is still growing rapidly.
Competitive rivalry: Intense due to presence of global players.

SWOT Analysis
Strength: Wide product portfolio and distribution network of key players. Growing use of smartphones in India.
Weakness: High dependence on global economic conditions and supply chain disruptions can impact profitability. Seasonality affects sales.
Opportunity: Growing middle class population in India increases discretionary spending. Penetration of e-commerce in small towns opens new opportunities.
Threats: Increased costs of components and logistics due to inflationary pressures. Intense price wars among players affect margins.

Key Takeaways

The global India Mobile Phone Accessories Market Share is expected to witness high growth, exhibiting CAGR of 9.72% over the forecast period, due to increasing smartphone penetration and need of additional mobile accessories. The market size is projected to reach US$ 5,092.7 Mn by 2030 from US$ 2,238.4 Mn in 2022.

Regional analysis: South India dominates the market currently with maximum smartphone users. However, North India is expected to witness fastest growth due to rising disposable incomes and availability of low cost Chinese brands exploring opportunity.

Key players: 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. These players maintain their market shares by expansions, new product launches and partnerships with e-commerce channels.

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