India Mobile Phone Accessories Market to Witness High Growth Owing to Rising Smartphone Penetration
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| India Mobile Phone Accessories Market |
The mobile phone accessories
market in India has witnessed significant growth over the past decade, driven
primarily by the exponential rise in smartphone penetration across both urban
and rural regions of the country. Mobile phone accessories such as chargers,
earphones, data cables, screen protectors, selfie sticks and power banks among
others, have become an indispensable part of the mobile ecosystem to enhance
user experience and functionality. Advances in manufacturing technologies have
enabled mass production of high-quality yet affordable accessories, making them
accessible to users across all income segments. The growth in digital payment
solutions and online shopping has also boosted the sales of mobile accessories
in India. The Global Mobile Phone Accessories Market in India is estimated to
be valued at US$ 2829.28 Bn in 2024
and is expected to exhibit a CAGR of
4.9% over the forecast period 2024 to 2030.
Key Takeaways
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. The rapid
proliferation of low-cost smartphones coupled with falling data tariffs has
boosted mobile internet adoption in India tremendously. This has further
increased the demand for value-added mobile accessories among users. Several
global players have set up manufacturing bases in India to cater to the
burgeoning domestic market as well as export opportunities in Africa and
Southeast Asia. The growing online market in India has enabled easy access to a
wide variety of mobile accessories for users across the country. E-commerce
giants like Flipkart and Amazon have further augmented growth by organizing
frequent sales and offering lucrative deals and discounts.
India's mobile phone accessories
market is witnessing expanding globally with Indian manufacturers venturing
into international markets like Middle East, South Asia and Africa. The
"Make in India" initiative has attracted several multinational
corporations to establish or increase their existing manufacturing footprint in
India. Indian companies are also collaborating with global players to build
domestic capability and enhance exports. With rising disposable incomes and
growing smartphone usage even in rural India, the demand for value-added mobile
accessories is expected to remain robust over the coming years.
Market Drivers
One of the key drivers for the
growth of mobile phone accessories market in India is the low prices of
smartphones. The strong volume sales of low-cost smartphones by Chinese brands
have increased the affordability of mobile phones. This growing smartphone
penetration has fuelled the demand for supplementary accessories like power
banks, headphones, cables and more. Government initiatives such as Digital
India andStartup India have promoted indigenous accessory manufacturing while
improving internet and broadband connectivity nationwide. This has accelerated
the uptake of value-added accessories required for optimal use of advanced
smartphones. Additionally, the rising exports of "Made in India"
mobile accessories to global markets will continue to drive revenues for Indian
companies in the coming years.
Current geopolitical tensions are
impacting the growth of the India mobile phone accessories market. The ongoing
conflict between Russia and Ukraine has fueled inflation across Europe and
global markets. Rising costs of key raw materials like plastic and metals used
in mobile phone accessories have forced producers to increase prices. This is
negatively impacting consumer demand in the price-sensitive Indian market.
Producers must focus on cost optimization and localization of production
wherever possible to control manufacturing expenses. Investing in automation
and newer production technologies can boost efficiency. However, budget
allocation for capital expenditures may be limited due to economic
uncertainties.
Strong regional markets exist in
metro cities across India where mobile phone penetration and accessory purchase
is high. Mumbai, Delhi, Bengaluru, Chennai, and Hyderabad account for over 30%
of the national market value due to their large, tech-savvy populations.
However, rural demand is rising fast as smartphone prices decline and mobile
internet access grows outside big cities. The northern and southern states are
priority markets for expansion due to their size, economic growth rates, and
government initiatives to boost digital infrastructure in villages.
The western region of India
encompassing states like Maharashtra, Gujarat is projected to be the fastest
growing geographical market for mobile phone accessories through 2030. This is
attributed to increasing disposable incomes, growing investments in electronic
and automotive manufacturing sectors based in this region creating jobs, and
favorable policy support from state governments to promote local electronics
industries. Furthermore, the presence of major mobile phone and component
manufacturing facilities provides an congenial ecosystem and opportunities for
accessories producers to forge supply partnerships.
The India
Mobile Phone Accessories Market east and northeast is forecasted to
exhibit strong double-digit CAGR over the forecast period. This growth momentum
can be attributed to improving connectivity infrastructure through ongoing
broadband projects, higher expenditure allocations on digital and telecom development
compared to past decades, and focus on developing local industries to create
employment especially in remote areas.
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