The India mobile phone accessories market is estimated to be valued at US$ 2455.97 billion 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:

Mobile phone accessories refer to supplementary items that are used in conjunction with mobile phones such as chargers, headphones, cables, portable power banks, etc. These accessories enhance the functionality of mobile phones and provide convenience to users. Rapid urbanization and increasing disposable incomes in India have boosted the demand for advanced mobile phone models. This has fueled the demand for advanced and matching accessories as well.

Market key trends:

Increased adoption of smartphones - Rapid advancement of technology and increased internet penetration has boosted the adoption of smartphones in India. As of 2022, India had more than 750 million smartphone users. Rising smartphone ownership has augmented the demand for compatible mobile accessories such as chargers, cables, portable power banks, etc.

Growing e-commerce industry - Availability of a wide range of affordable mobile accessories through both organized retail and e-commerce platforms has encouraged consumers to purchase these products. Various online and offline deals and marketing strategies by retailers are further propelling the sales of mobile accessories.

Innovation and product premiumization - Manufacturers are constantly investing in R&D to develop innovative, high-quality, and premium mobile accessories. Developments such as wireless and fast chargers, wireless headphones, premium cables, and portable power banks with longer battery life are fueling the market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate owing to high capital required for establishing manufacturing units and distribution networks. Brand loyalty and need for certifications also pose challenges for new players.

Bargaining power of buyers: Bargaining power of buyers is high as mobile phone accessories can be easily substituted and there are numerous local and global brands offering similar products. This gives buyers more options and price negotiation power.

Bargaining power of suppliers: Suppliers have moderate bargaining power attributable to availability of alternative raw material sources and suppliers in the industry. However, established supplier relationships help reduce volatility in raw material costs.

Threat of new substitutes: Threat of new substitutes is high due to constant innovation in material and design of accessories. Wireless charging and other innovative solutions aim to replace conventional wired chargers and earphones.

Competitive rivalry: Fierce due to presence of numerous global and local brands.

SWOT Analysis

Strength: Wide product portfolio and strong distribution networks of leading players. Growing mobile phone user base driving demand.

Weakness: High dependency on smartphone industry trends makes demand volatile. Fierce price competition affecting margins.

Opportunity: Emergence of IoT and wireless technologies spur new product innovation. Growth in rural market with increasing digital adoption.

Threats: Global trade tensions and stringent e-waste regulations add compliance cost. Rising logistics costs impact overall profitability.

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 and average time spent on mobiles in India. The market size is projected to reach US$ 4763.82 Bn by 2030 from US$ 2455.97 Bn in 2023.

Regional analysis: Region-wise, southern region dominates India's mobile phone accessories market currently. However, northern region is expected to witness the fastest growth during the forecast period supported by increasing digital inclusion initiatives by the government.

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 established brands account for majority share of the market currently.

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