Market Is Estimated To Witness High Growth Owing To Increasing...

Market Is Estimated To Witness High Growth Owing To Increasing Smartphone Penetration & Demand

Posted 2023-10-26 13:05:41

SWOT Analysis

Strength: India has a large young population which is increasingly adopting smartphones and thereby increasing the demand for mobile phone accessories. The growing disposable incomes is also fueling the sales of premium accessories. Lower manufacturing and labor costs make India an attractive outsourcing destination for global accessory makers.

Weakness: The market is highly fragmented with the presence of several local and small players who face constraints in terms of funding and tech capabilities. There is heavy reliance on Chinese imports of certain components which impacts the self-reliance.

Opportunity: The rising penetration of 5G networking and growing preference for premium smartphone models offer significant opportunities for accessory makers to introduce innovative & advanced products. The Make in India initiative is encouraging global companies to set up local manufacturing units.

Threats: Frequent changes in technology and design aspects force companies to invest heavily in R&D to keep pace. Intense competition from Chinese brands increase pricing pressures. Copying of designs is also a major concern.

Key Takeaways

The global India Mobile Phone Accessories Market Share is expected to witness high growth, exhibiting CAGR of 9.72% over the forecast period, due to increasing smartphone adoption. As per reports, over 500 million smartphones were shipped in India in 2021. The availability of affordable smartphones and falling data costs have boosted connectivity in the country.

Regional analysis

The India market accounts for a major share of over 35% of the South Asian mobile phone accessories market. States like Tamil Nadu, Uttar Pradesh, Delhi NCR and Maharashtra have emerged as key manufacturing hubs owing to the availability of raw materials and labor pool.

Key players

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 . These established brands enjoy a strong foothold while local manufacturers are focusing on low-cost offerings.