February 28, 2024
India Mobile Phone Accessories Market
Ict

India Mobile Phone Accessories Market Connected with Growth in Smartphone Penetration

The global 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 help enhance the functionality and lifespan of mobile phones. Mobile phone accessories such as power banks, headphones, earbuds, cables, chargers and batteries are some of the essential accessories for any smartphone. The growing adoption of smartphones and increasing internet penetration in India has propelled the demand for mobile phone accessories in the country. India is one of the fastest growing markets for smartphones in the world. Advancements in 4G and 5G network technology has boosted the smartphone sales in India. This growing smartphone penetration has augmented the demand for mobile phone accessories.

Market key trends:

One of the key trends in the India mobile phone accessories market is the introduction of advanced accessories focused on enhancing technological and functional capabilities of smartphones. For instance, manufacturers are introducing accessories such as Bluetooth speakers, power banks with fast charging technology, wireless headphones with noise cancellation feature etc. The growing popularity of gaming smartphones has also led to the emergence of specialized mobile phone accessories such as triggers for gaming controls, active noise cancelling gaming headphones etc. Rising demand for durable and long-lasting accessories is prompting companies to utilize premium materials such as aluminum and thermoplastic polyurethane (TPU) in their product design.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the India mobile phone accessories market is moderate as the market is dominated by established players. However, new players need to have competitive pricing and innovative products.

Bargaining power of buyers: The bargaining power of buyers is high in the India mobile phone accessories market as there are many substitutable products available from other brands. Buyers can shift between brands easily based on price and features.

Bargaining power of suppliers: The bargaining power of suppliers is low in the India mobile phone accessories market as there are many suppliers for each component. Any supplier can be easily replaced without much investment.

Threat of new substitutes: The threat of substitutes is moderate as mobile phone manufacturers regularly upgrade their models introducing new features and designs. However, consumers hesitate upgrading frequently due to high costs.

Competitive rivalry: The competitive rivalry in the India mobile phone accessories market is high as the market is dominated by global giants.

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 penetration of smartphones and upgrades in technology.

Regional analysis

The western region dominates India’s mobile phone accessories market owing to high disposable income and tech-savviness of consumers. States like Maharashtra and Gujarat contribute over 30% to the market revenue. Northern region is the fastest growing market driven by increasing smartphone ownership in states like Delhi, Uttar Pradesh and Haryana.

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. Kingston Technology Corporation leads the market with over 15% revenue share owing to wide portfolio of memory storage solutions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it