Rapid urbanisation and increasing disposable income are factors contributing significantly to the growth of the India mobile phone accessories market
The India mobile phone accessories market has grown significantly in recent years with immense opportunities owing to substantial growth in the worldwide adoption of smartphones and tablets. Decreasing prices of mobile phones is increasing smartphone penetration, which in turn is surging the growth of the India mobile phone accessories market. Increasing disposable income has transformed consumer buying and spending trends mainly in urban areas.
Adoption of mobile devices amongst the youth across the globe has provided a robust stimulus for the growth of the market. Moreover, increasing internet penetration has uplifted the trend of online retailing in the India mobile phone accessories market due to convenience of cash on delivery payment option and various price discounts along with a wide variety of products offered by e-retailers. This is anticipated to catalyse the growth of the India mobile phone accessories market.
XploreMR forecasts the India mobile phone accessories market to reach a market valuation in excess of US$ 3,500 Mn by 2026, representing a CAGR of 10.4% between 2016 and 2026. The India mobile phone accessories market is estimated to represent incremental dollar opportunity of over US$ 2,200 Mn during the decade.
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India mobile phone accessories market analysis and forecast by product type
Protective case segment accounted for relatively higher revenue share amongst the product type segments in the India mobile phone accessories market in 2015
XploreMR forecasts revenue from the protective case segment in the India mobile phone accessories market to reach over US$ 700 Mn by the year 2026, representing a CAGR of 9.8% during the assessment period
Stylish protective cases printed with graphics are popular amongst consumers in India
The protective case segment is estimated to create incremental dollar opportunity of US$ 433.3 Mn between 2016 and 2026
Wireless headphones and earphones are expected to gain popularity amongst consumers in India during the assessment period
XploreMR forecasts revenue from the headphone/earphone segment in the India mobile phone accessories market to reach a market valuation in excess of US$ 550 Mn by 2026, representing a CAGR of 10.8% during the assessment period
The headphone/earphone segment is estimated to create incremental dollar opportunity of US$ 379.3 Mn between 2016 and 2026
Adoption of turbo chargers and wireless chargers are a growing trend in the India mobile phone accessories market
XploreMR forecasts revenue from the charger segment in the India mobile phone accessories market to be valued at more than US$ 575 Mn by 2026, representing a CAGR of 9.9% during the assessment period
Turbo chargers capable of charging mobile devices at faster speeds are witnessing rapid adoption amongst consumers in India
The charger segment is estimated to create incremental dollar opportunity of US$ 356 Mn between 2016 and 2026
Memory card segment is expected to witness a steady growth rate during the assessment period
XploreMR forecasts revenue from the memory cards segment in the India mobile phone accessories market to reach over US$ 350 Mn by 2026, representing a CAGR of 9.9% during the assessment period
The memory card segment is estimated to create incremental dollar opportunity of US$ 219.7 Mn between 2016 and 2026
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India mobile phone accessories market trends by product type
Demand for fancy and stylish protective cases have gained popularity as fashion accessories in urban parts of India. Companies are focussing on manufacturing trendy protective cases to cater to demands from a growing number of fashion conscious consumers in India. As a result of the increasing demand for stylish protective cases, various fashion brands in India have started designing and selling fancy protective mobile cases
Growing consumer preference for music-on-the-go has led to the popularity of headphones and earphones. Recent trends in the headphone/earphone segment include the introduction of wireless technology and IoT, which are expected to witness rapid adoption during the assessment period
Batteries are the most essential component of mobile devices; however, they have a limited life span after which they need to be replaced. Consumers willingly spend on replacing their existing batteries with new ones as it improves the performance of their mobile devices without spending a considerable amount. Hence, batteries with a longer life are fast gaining popularity amongst consumers in India
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Analyst Viewpoint
‘Threat of piracy is a major restraint affecting the India mobile phone accessories market’
Piracy is a major threat to various markets, especially the mobile phone accessories market. Pirated products are offered at a fraction of the price of that of original products, resulting in a major chunk of consumers opting for these products in India. As a result, counterfeit products are expected to hamper revenue growth of the India mobile phone accessories market to a significant extent over the assessment period.
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