Future Market Insights has announced the addition of the “Mobile Phone Accessories Market: Global Industry Analysis and Opportunity Assessment, 2015 - 2025"report to their offering
Valley Cottage, NY -- (SBWIRE) -- 07/03/2017 -- India will continue to be one of the largest consumer base for mobile phones and accessories, not just in Asia-Pacific region but across the globe. According to the Telecom Regulatory Authority of India (TRAI), more than one billion mobile phones were being used in India by the end of September 2016. Such staggering statistical figures attest that India serves as one of the most lucrative countries in the world when it comes to the global mobile phone accessories market revenue growth. Along with China, India will continue to predominantly contribute to the development of the mobile phone accessories market in the Asia-Pacific (APAC) region. According to Future Market Insights, more than US$ 32 billion revenues have been amassed from sales of mobile phone accessories across the APAC region in 2016, with India accounting for a considerable share.
Future Market Insights' report, titled "Mobile Phone Accessories Market: India Industry Analysis & Opportunity Assessment, 2016-2026," estimates that sales of mobile phone accessories in India reaped US$ 1,202.7 million revenues in 2015. By the end of 2026, the mobile phone accessories market in India is anticipated to reach a value of US$ 3,545.0 million, registering expansion at a stellar CAGR of 10.4%. Products such as protective cases for mobile phones & smartphones, and audio gear such as headphones and earphones will continue to be top-selling mobile phone accessories in India, collectively accounting for more than one-third of the gross market revenues throughout the forecast period. Portable speakers and batteries are also expected to gain traction in India's mobile phone accessories market by showcasing a combined incremental opportunity of nearly US$ 450 million by 2026.
Key Trends in India's Mobile Phone Accessories Market
Irregular electricity & power distribution infrastructure in India serves as a catalyst for consumption of power banks. In some cases, mobile phone users in India lack proximity to suitable power source, which further necessitates the use of accessories such as power banks. Buying power banks that can charge multiple devices in a go is also trending in India's mobile phone accessories market. By 2026-end, sales of power banks in India are estimated to account for more than US$ 350 million in revenues.
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The demand for modular smartphones and mobile phones is also likely to increase in the country, providing an opportune scope for mobile phone accessories that are limited to compatibility with specific device connectors. Furthermore, various products sold as mobile phone accessories in India have been able to attain compatibility with computers and laptops and vice-a-versa, furthering the scope of end-use among consumers.
Technological advancements are openhandedly welcomed by Indian consumers, triggering a money-spinning opportunity for sales of other mobile phone accessories such as keyboard attachments, camera dongles, selfie sticks, thermal imaging cameras, VR headsets, protective screens and wireless ear buds, among others. According to the report, after segmenting the revenues of the India mobile phone accessories market on the basis of "other" types of products as such, more than US$ 150 million revenues are being estimated to be amassed between 2016 and 2026.
Multi-brand stores are trending as the most-preferred distribution channel for buying mobile phone accessories in India. North India will continue to dominate by accounting for more than 30% of the market revenues, while South Indian states and West Indian states will collectively account for half of India's mobile phone accessories revenues by the end of 2026.
According to the report, mobile phone or smartphone users in India have been actively increasing their exposure to the Internet by availing broadband or Ethernet connections. As a result, the consumption of mobile phone accessories will remain higher since consumers will presumably opt for mobile phones, smartphones or tablets as a device for entertainment, leisure and other activities, compared to televisions, laptops, and computers. Unfortunately, counterfeit production of branded accessories remains a big threat for the mobile phone accessories market in India. Pricing is becoming a key aspect for manufacturers in a bid to safeguard market prominence of their flagship products. The report estimates that more than 40% of India's mobile phone accessories revenues will remain to be under the mid-price range throughout the forecast period.
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Companies such as Capdase International Limited and Moshi by Aevoe Group are known for manufacturing protective cases, cables and screen protectors, while memory cards and flash drives from SanDisk Corp. and Kingston Technology Corporation are widely prominent in India. Sony Corp., Skullcandy Inc., and JBL Incorporated (Harman International Industries, Incorporated) are leading manufacturers of audio accessories for mobile phones in India. Global tech giants such as Samsung Electronics Co. Ltd., Apple Inc., and Microsoft Corporation are also recognised as key players in India's mobile phone accessories market.