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The global India Mobile Phone Accessories Market is estimated to be valued at US$ 2455.97 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
As younger demographics in India are adopting premium smartphones in increasing numbers, the requirement for compatible and high-quality smartphone accessories like chargers, earphones, smartphone casings, and screen protectors is also witnessing steady growth. Leading accessories manufacturers can capitalize on this trend by developing accessories customized for popular smartphone models and launching extensive marketing campaigns to promote their products among tech-savvy Indian consumers. Entering into partnerships with smartphone brands is another approach for accessories companies to strengthen their market position in India.
Porter’s Analysis
Threat of new entrants: New entrants face relatively high threat as the mobile phone accessories market is already dominated by large established players. Substantial investments are required to achieve economies of scale and compete with existing players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and pricing pressure from large retailers. Buyers can negotiate discounts for bulk purchases.
Bargaining power of suppliers: Mobile phone manufacturers and component suppliers have moderate bargaining power due to the lack of product differentiation and presence of numerous suppliers.
Threat of new substitutes: Threat of substitutes is moderate as new technologies and products continuously emerge as alternatives to existing accessories.
Competitive rivalry: The market is highly competitive with the presence of numerous local and international players competing on pricing and new product innovations.
SWOT Analysis
Strength: Strong brand loyalty towards leading accessory brands. Rising disposable income of Indian consumers.
Weakness: Threat from counterfeit/inferior quality products. High dependence onFew smartphone brands for sales.
Opportunity: Growth in rural demand with increasing smartphone penetration. Emergence of online retail providing new opportunities.
Threats: Stiff competition from Chinese manufacturers. Fluctuations in foreign exchange rates impact import-dependent players.
Key Takeaways
The Global India Mobile Phone Accessories Market Size is expected to witness high growth owing to the rapid adoption of smartphones across the country. The market size is projected to reach US$ 2455.97 billion by 2024 registering a CAGR of 4.9% during the forecast period.
Regional analysis: South India dominates the market with states like Tamil Nadu and Karnataka having a high smartphone penetration rate. East and North-East regions offer immense growth opportunities with increasing disposable incomes in the region.
Key players: 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. These players compete on factors like product quality, innovation, and pricing. The Sherwin-Williams Company leads the market with its wide variety of phone case and wireless charger offerings.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it