India Mobile Phone Accessories Market Analysis by Type (Batteries, Chargers, Headsets, Portable Speakers, Selfie Sticks, Power Bank, and Others); by Price (Premium, Medium, and Lower); by Packaging Type (Boxes & Bags, Folding Cartons, Pouches & Bags, Trays, and Others); and by Distribution Channel (Electronic Stores, Retail, Franchise, and Online) – National Supply & Demand Analysis & Opportunity Outlook 2022-2031
Buy Now Report ID: 85 | Published Date: Feb 14, 2023
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The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labour productivity, and R&D spending among other transformations of economies in different nations around the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Growth Drivers
Increasing Number of Social Network Users - As of 2020, the number of social network users in India was stated to be around 500 million, while the number is anticipated to reach more than 1 billion by the year 2040. As the number of social network users rises, the growth of the market is also driven exponentially since people are more active to post advertisements associated with products. Furthermore, the adoption of online purchasing is also boosting the growth of the market.
Rising Disposable Income of India - Based on the data provided 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.
Growing Sales of Truly Wireless Stereos - The sales of truly wireless stereos devices in India were valued at approximately 20 million in 2021.
Escalating Number of Internet Users - For instance, the number of people using the internet across the country was estimated to be around 700 million in 2020.
Higher Prevalence of E-Commerce -The e-commerce penetration percentages of India for the year 2021 were anticipated to be approximately 75% of the share of respondents.
The India mobile phone accessories market is segmented and analyzed for demand and supply by packaging type into boxes & bags, folding cartons, pouches & bags, trays, and others, out of which folding cartons segment is estimated to acquire the largest market share by the end of 2031. The market is projected to grow on the back of higher utilization of folding cartons. As of 2022, the total shipment of folding cartons in India was estimated to be around 1000.
Our in-depth analysis of the India mobile phone accessories market includes the following segments:
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August 16, 2022: GN Group to introduce ReSound OMNIA, a hearing aid challenge, that allows hearing voices in noisy environments. The hearing aid is attached with seamless connection and optimal comfort along with 150% upgrades in speech understanding.
September 8, 2022: Samsung Electronics Co., Ltd. To launch the next generation of foldable smartphones, Galaxy Z Flip4 and Galaxy Z Fold4 with upgraded performance. The company launched these devices to change the way of people interact with smartphones.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The exponential increase in the number of mobile phone users and the increasing number of social network users is estimated to majorly boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~10% over the forecast period, i.e., 2022 – 2031.
Ans: Lack of credibility regarding the quality of the products is estimated to challenge the market growth.
Ans: The market in India is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
Ans: The major players in the market are GN Group, Samsung Electronics Co., Ltd., Micromax Informatics, Skullcandy Inc., Harman International Industries, Incorporated, Apple Inc., Sony Corporation, Plantronics, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, price, packaging type, distribution channel, and by region.
Ans: The folding cartons segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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