India is the world’s second-largest market for mobile phones, with the number of mobile connections touching nearly 115 crores by December 2022. This is good news for the manufacturing industry, which is riding high on the Production Linked Incentive scheme introduced by the Government of India under the ‘Make in India’ initiative to boost the manufacturing of mobile handsets and its components in the domestic environment. As a result, the nation has emerged as one of the fastest-growing mobile phone manufacturers in the world.
Some factors contributing towards market growth include the development of quality telecom infrastructure, growing disposable income among the people, and the launch of domestically manufactured budget-centric smartphones. The smartphone segment in the country is expected to show a volume growth of 5.9% in 2024 and could rise to over 225 million by 2027. Revenue from the segment will cross $41 billion in 2023 and is expected to continue its upward trajectory, registering an annual CAGR of 7.32% between 2023-2027.
With the launch of 5G services in India, it is projected that 5G subscriptions will touch 350 million by 2026 (27% of all mobile subscriptions). Over the next five years, mobile manufacturing will cross $100 billion in annual production growth, registering a nearly 40% industry growth during this period.
In the rapidly evolving market scenario, the mobile accessories and components segment will also benefit. India’s mobile phone accessories market, valued at approx. $2 billion in 2021, will grow at a CAGR of 11.2 % between 2021-2028. This creates a unique opportunity for not only the established companies, but also start-ups and MSMEs to grab a piece of this market.
The Mobile India Expo being organised alongside the 30th Convergence India expo at Pragati Maidan, New Delhi, from 27-29 March 2023, is India’s leading event in the telecom, mobile technology, accessories and components space. The three-day exhibition is a unique platform that opens the doors for brand owners, manufacturers, OEMs/ODMs, importers and exporters to network with corporate buyers, distributors, wholesalers, stockists, department stores, e-tailers, retailers and end users. On display will be cutting-edge technology and unique product lines comprising mobile devices, accessories and lifestyle gadgets, cementing its position as the Number 1 expo for buyers and sellers to create a strong brand and develop a robust distribution channel.
India’s mobile economy is one of the fastest growing and will contribute substantially to its Gross Domestic Product (GDP). If you want to leverage the potential of the Indian mobile market and successfully position your brand on the global stage, then Mobile India Expo is the place to be
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