May 28, 2024
India Mobile Phone Accessories Market

India Mobile Phone Accessories Market Estimated To Witness High Growth Due To Rising Smartphone Adoption And Increasing Per Capita Income

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 2022-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Mobile phone accessories refer to additional hardware components that can be added to mobile phones. Common accessories include protective cases, screen guards, wireless Bluetooth earphones, power banks, and cables. India has a huge young population that is extensively using smartphones for social media, gaming, and digital payments. This has propelled the demand for protective cases, screen guards, earphones and selfie accessories for improved handling, protection and entertainment experience.

Market Dynamics:

Rising smartphone adoption in India is a major factor driving growth of the mobile phone accessories market. India has become the second largest smartphone market in the world and smartphone penetration is increasing across rural regions as well. In addition, rising disposable income levels have increased spending power of consumers on non-essential mobile accessories. As per World Bank data, per capita income in India increased from US$ 1,888 in 2017 to US$ 2,091 in 2020. This increasing affordability has boosted sales of wireless earphones, power banks, selfie sticks and stylish protective cases in the country. introduction of advanced accessories such as wireless charging pads and power banks with fast charging capability has further expanded the market potential. Furthermore, growth in e-commerce channels along with aggressive promotional activities by online and offline retailers are providing widespread availability and visibility to mobile phone accessory brands in India.

Segment Analysis

The India Mobile Phone Accessories Market Share is dominated by the protective cases segment which accounts for over 30% market share. Mobile phone users prefer protective cases not just for protecting their device from damages but also to improve aesthetics of their phones. This segment has witnessed increased demand as consumers change their phones every 1-2 years and look for protective cases matching the design of their new phones.

PEST Analysis

Political: The Government of India has taken initiatives such as Digital India and Make in India to promote domestic manufacturing of electronics and accessories. This will help indigenous brands to capture a larger share of the accessories market.

Economic: Rising disposable incomes and ownership of smartphones in India is fueling the demand for affordable phone accessories. The growing e-commerce industry has also made accessories easily available across the country.

Social: Young population is more inclined towards using smartphone accessories for augmenting overall user experience. Social media influences purchase decisions as users try to keep up with the latest trends.

Technological: Continuous launch of smartphones with new features drives the need for compatible accessories such as wireless headphones, fast charging cables, Bluetooth devices etc. Innovation in materials used for cases makes protective accessories slimmer and more durable.

Key Takeaways

The India mobile phone accessories market is expected to witness high growth, exhibiting CAGR of 9.72% over the forecast period, due to rising smartphone penetration in the country. The market was valued at US$ 2,238.4 Mn in 2022 and is projected to reach US$ 4,213.4 Mn by 2030.

Regional analysis: Southern region dominates India’s mobile phone accessories industry accounting for over 35% market share due to presence of leading domestic manufacturers. Western region follows with a share of around 25% on back of aggressive marketing initiatives by global brands in metro cities of Mumbai and Pune.

Key players: 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 are some of the prominent players operating in the India mobile phone accessories market. These companies focus on strengthening their distribution network and coming up with innovative product lines catering different customer segments.

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