India Mobile Phone Accessories Market is Estimated to Witness High Growth Owing to Increased Adoptio

Market Overview:

The India Mobile Phone Accessories Market includes products such as chargers, power banks, batteries, headphones/earphones, screen guards, protective cases, memory cards, and other related accessories. These accessories enhance the functionality and lifespan of mobile phones. The rising adoption of smartphones and growing demand for mobile accessories due to increasing number of mobile phone subscribers have propelled the growth of this market in India. As of 2021, the number of smartphone users reached around 750 million in India, creating substantial demand for protective cases, batteries, and other compatible accessories.

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.

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