INDIA MOBILE PHONE ACCESSORIES MARKET ANALYSIS

Market Challenges And Opportunities

India Mobile Phone Accessories Market- Restraints:

Lack of Standardization

There is lack of standardization in components and technology that are used for manufacturing mobile phone accessories. Undefined standards in the market leads to high product and price differentiation, and this is expected to restrain growth of the India mobile phone accessories market during the forecast period.

Threat of Piracy and Counterfeit Products

Piracy and counterfeit products remain a major threat to the market growth. These products are manufactured with substandard materials, and are available at competitive prices. Consumers opt for such products and this hampers revenue of branded products.

India Mobile Phone Accessories Market- Opportunities

Rising Usage of Smart Wireless Accessories

Variety of features with the advancement of technology such as AI (Artificial Intelligence) and IoT (Internet of Things) support for higher connectivity and intelligence in the electronic devices. This promotes the usage of wireless mobile accessories such as smart speakers, smart wearable, wireless earphones & headsets, and others. Advancement in smart wireless mobile accessories sector is expected to drive the market growth. I increasing adoption of health monitoring smart wearable such as fitness bands, is expected to drive the market growth.

India Mobile Phone Accessories Market- Drivers

Increasing Disposable Income and Mobile Phone Penetration

Increasing disposable income and mobile penetration is expected to drive the market growth during the forecast period. According to the data published by the Ministry of Statistics & Programme Implementation, the Gross National Disposable Income (GNDI) was valued at INR 200.86 lakh crore for the year 2020-21. Furthermore, increasing disposable income along with high mobile penetration in India, and improving living standards has led to increase in demand for mobile phone accessories. According to Datareportal, at the start of 2022, India’s internet penetration rate stood at 47.0 percent of the total population. Furthermore, initiatives by government are focused on improving literacy rates in the country, and increasing job opportunities, and this are expected to drive the market growth during the forecast period.

Growing Urban Population

Growing urban population in India has led to demand for advanced mobile accessories such as power banks, premium headphones, and fancy phone cases. Rapid migration from rural to urban areas, particularly in regions such as North India, and increasing awareness of young consumers from the upper-middle-class section regarding various brands available in the market and willingness to purchase mobile phone accessories are expected to drive the market growth in the near future.