Led by Internet services growth, smartphones have found high penetration among the urban and Internet-savvy population, thus pushing the demand for mobile phone components
The mobile components manufacturing and assembly market in India is estimated to reach a value of US$ 62.8 Billion by 2023. The market is estimated to grow at a compound annual growth rate (CAGR) of 19.9 per cent during 2018-2023, according to the latest report by Research and Markets.
The mobile components manufacturing and assembly market in India was worth US$ 20.7 billion in 2017, the report said.
Citing the reasons, the report said the launch of feature phones in the country during the last decade established strong penetration and introduction of smartphones encouraged the market further.
Led by Internet services growth, smartphones have found high penetration among the urban and Internet-savvy population, thus pushing the demand for mobile phone components, it added.
Growing mobile phones demand
Currently, India is the world’s second biggest manufacturer for mobile phones, on account of rapidly increasing internet penetration, rising disposable incomes of people and a huge base of tech-savvy consumers. The growing mobile phones demand has led to rapid development of local manufacturing and assembly units in the country.
The mobile components manufacturing market consists of several small as well as large players who compete in terms of quality and prices. The leading players include Samsung Electronics, Xiaomi Corporation, Lenovo, Micromax, Oppo, Vivo, Lava, Karbonn and Intex.
According to the report, continuous advancements in the field of technology are driving mobile phone manufacturers to shorten lifecycle of the devices and frequently introduce new products, targeting first-time as well as replacement consumers. This is also pushing the demand for basic mobile phone components such as Printed Circuit Board (PCB), metals, connectors, acoustics and plastics.
The largest market share among the mobile components segment, is held by main board and sensor flex. The other major components segment include camera (primary/secondary), display/touchscreen and battery pack.