Mobile phone accessories such as protective cases, screen protectors, chargers, and headphones have become an essential part of day-to-day lives with growing dependence on smartphones for various activities. Protective phone cases provide protection against drops and scratches, while screen protectors prevent cracks on touchscreens. Wireless headphones and Bluetooth earphones provide wireless connectivity for hands-free usage. Also, portable battery packs and fast chargers ensure uninterrupted smartphone usage. The growth in the number of smartphone subscribers in India on account of high-speed internet connectivity and affordable data plans has increased the demand for mobile phone accessories in the country.
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 key trends:
The key trend gaining traction in the India mobile phone accessories market is the growing popularity of wireless accessories. Wireless headphones and earphones are becoming increasingly popular due to their convenience and portability. Leading players are focusing on introducing advanced features like active noise cancellation, quick charging, and long battery life to gain consumer traction. For instance, boAt, Noise, and Boult Audio have emerged as promising domestic brands offering affordable truly wireless earbuds. Moreover, the increasing sales of premium and flagship smartphones are augmenting the demand forcompatible high-quality chargers and data transfer cables among consumers. Manufacturers are also focusing on making affordable accessories available in rural areas to tap the potential offered by low-tier cities.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the growing mobile phone accessories market in India requires high initial investment and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is high given the availability of alternatives and low switching costs. Buyers can negotiate on price points.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as major players source materials from a limited number of global suppliers and distributors.
Threat of new substitutes: The threat of new substitutes is low as mobile phone accessories have few close substitutes and technologies that may replace them are still nascent.
Competitive rivalry: Competition is intense as the major players compete on the basis of pricing, quality, durability and customization.
Key Takeaways
The Global India Mobile Phone Accessories Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.
Regional analysis comprises, The Western region dominates the India mobile phone accessories market and is expected to grow at a high CAGR during the forecast period owing to high disposable incomes and rising sales of premium smartphones brands across the region. Southern region is also expected to grow at a significant pace during the forecast period.
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. Key players are focusing on expanding their production facilities and regional presence to capitalize on the high growth opportunities. Players are investing in innovations along with strategic partnerships and mergers & acquisitions for product development and market penetration.
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