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Apr 13, 2020 (AmericaNewsHour) -- India is one of the most alluring mobile phone accessories market across the globe. This market has grown significantly in recent years. Drastic increase in number of mobile users has led to enormous growth opportunities for companies offering mobile phone accessories. Penetration of smartphone has increased in recent past due to decrease in prices of mobile phones.
This eventually aids to the growth of mobile phone accessories market in India. Rise in disposable income has transformed consumer buying trends primarily in urban areas. Young generation nowadays are more inclined towards new attractive smartphones. Their spending pattern acts as catalyst to the mobile accessories market. Constant innovation in the smartphone market has caused shift in consumer behaviour with variety of accessories which creates demand for these products.
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Market dynamicsDue to growing popularity of social media and mobile internet,increase in penetration of smartphones is resulting in increase in demand for advanced mobile phone accessories.Also, increasing internet penetration has elevated online retailing in India mobile phone accessories market as consumers have convenience of cash on delivery payment option and numerous discounts on variety of products. High availability of distribution channels also assists growth of the mobile phone accessories market in India.
Market SegmentationThe market is segmented in terms of product type, distribution channel, price range and geography. Amongst the product type segment, protective case has the largest market share. Wireless headphones and earphones is growing trend in India mobile phone accessories. Due to technological advances and decrease in prices of these wireless earphones, it is expected that it can acquire large market share in near future.
Apart from these, mobile chargers, memory cards, battery, power bank, portable speaker etc. are some accessories in the product segment.Distribution channel segment includes single brand stores, multi brand sores and online stores. Price range varies from low, medium to premium high.
Regional/Geographic analysisGeographical segmentation includes different tier cities distribution. In Tier 1 cities, most of the consumers are from urban areas and choose ecommerce for their transaction. In tier 2 and 3 cities where urbanization is growing, opportunities is created for mobile phone accessories provider. Also, consumers in these cities prefer to buying products from shops rather than from internet for the sake of physical experience and comparing products physically.
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OpportunitiesDue to demand for fashionable accessories is gaining popularity, companies are focusing on manufacturing stylish products like protective cases, headphones etc. introduction of wireless technology and IoT is huge opportunity for companies to penetrate and manufacture these kind of products as trend for these products are increasing. Consumers today prefer more battery life in a mobile so batteries with longer life span are gaining demand amongst consumers.
Key PlayersMajor companies in this market are Samsung Electronics Pvt. Ltd., Sony Corporation, LG Electronics Inc., Sennheiser Electronic GmbH& Co. KG,Panasonic Corp, Beats Electronics (Apple Inc.), PNY technologies Asia Pacific Ltd., etc.
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The post India Mobile Phone Accessories Market 2016-2022 / Opportunities and Market Forecast appeared first on America News Hour. COMTEX_364459326/2606/2020-04-13T02:45:55 The MarketWatch News Department was not involved in the creation of the content.
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