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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The India Mobile Phone Accessories market refers to the market for various add-ons and enhancements that can be used with mobile phones. These accessories include power banks, earphones, chargers, protective cases, screen protectors, and others. Mobile phone accessories are an essential part of the overall mobile phone experience as they enhance the functionalities and protect the devices from damage.
B) Market Key Trends:
One key trend driving the growth of the India Mobile Phone Accessories market is the increasing smartphone penetration in the country. With the advent of affordable smartphones and the availability of high-speed internet connectivity, smartphones have become an integral part of people’s lives in India. This has led to a surge in demand for mobile phone accessories to enhance the usage and durability of these devices.
For example, the increasing popularity of mobile gaming among smartphone users has created a demand for accessories like gamepads and gaming headphones. Similarly, the increasing trend of content consumption on smartphones has driven the demand for high-quality earphones and headphones.
C) PEST Analysis:
Political: The Indian government’s initiatives such as Make in India and Digital India have attracted foreign investments in the mobile phone manufacturing sector, leading to the availability of affordable smartphones in the market.
Economic: The growing middle-class population with higher disposable incomes has increased the purchasing power of consumers, leading to increased demand for mobile phone accessories.
Social: The changing consumer lifestyles and preferences, such as the adoption of mobile payments and digital entertainment, have contributed to the growth of the mobile phone accessories market.
Technological: Advancements in technology have led to the development of innovative and advanced mobile phone accessories, such as wireless chargers and Bluetooth earphones, which are gaining popularity among consumers.
D) Key Takeaways:
– The India Mobile Phone Accessories market is expected to witness high growth, exhibiting a CAGR of 9.72% over the forecast period, due to the increasing smartphone penetration in the country.
– The Asia Pacific region is expected to dominate the India Mobile Phone Accessories market, with India being the fastest-growing market in the region.
– Key players operating in the India Mobile Phone Accessories market include 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.
In conclusion, the India Mobile Phone Accessories market is poised for significant growth in the coming years. The increasing smartphone penetration and changing consumer preferences towards digital consumption are driving the demand for mobile phone accessories. With technological advancements and the availability of affordable smartphones, the market is expected to witness high growth. Key players in the market are focusing on product innovation and strategic partnerships to gain a competitive edge in the market.
