Research Nester has recently announced new market demand assessment research titled “India Mobile Phone Accessories Market – Global Demand Analysis & Opportunity Outlook 2023”. The market study provides a granular data and in-depth analysis on the current and future market situations that are crucial for the existing & new players in the market. The industry research is based on key factors like demand & supply analysis, commercial activities, research investments, pricing analysis, government initiatives & guidelines, driving forces in the market, roadblocks and segmentation based on the product viability.
This study examines the India Aftermarket Mobile Phone Accessories Market in India and its future outlook by 2020. The mobile phone accessories market is totally dependent upon the smartphone sale in the country. The growth in the sale of mobile phone accessories is directly proportional to the smartphone sales. India mobile featured phone market is expected to register at a compound annual growth rate (CAGR) of 2.6% during 2014 to 2020. On the other hand, smartphone market is expected to show an astonishing CAGR of 21.4% during the same forecast period. Factors like, continuous fall in average selling price of the smartphones, burgeoned online video viewing, hiked penetration of services like WhatsApp, e-commerce websites for shopping and introduction of services like 3G and 4G network in the country are driving people to shift from featured phones to smartphones across the country.
The report encompasses the mobile phone accessories manufacturers, their product offerings, market acceptance level of accessories like earphones, cases, mobile phone stands, splitters, earphone extension cable, cases, power banks, headsets, portable speakers, chargers and batteries. Out of all above mentioned accessories, at 22.5%, trendy mobile phone cases, covers and skins accounted for the largest share followed by the chargers in 2014. With rising fashion consciousness amongst youth in tier I, tier II and tier III cities, it is anticipated that protective cases will remain at top with highest share in 2020. In India, parents, friends, office colleague and peer group works as an influencer while making any purchase. Even smartphone and accessories are not un-touched by this fact. Any new player, entering India with decent quality mobile phone accessories, is well accepted by the youth and word of mouth further helps the company to extend its reach in tier III cities.
The mobile phone accessories market is gaining traction in India with a bright promised bright future. According to ERC, India aftermarket mobile phone accessories market is expected to grow at a CAGR of 9.2% during 2015-2020. The factors responsible for this steep growth can attributed to the strong online and offline distribution network of online/offline retailers.
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