India Mobile Components Manufacturing and Assembly Market Report, Industry Overview, Growth Rate and Forecast 2024
According to the latest report by IMARC Group, titled “Indian Mobile Components Manufacturing and Assembly Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 25.3 Billion in 2018. India is currently the second largest producer of mobile handsets by volume in the world. Driven by the improvement in internet services across rural and urban India, smartphones have found high penetration among the tech-savvy population, which is catalyzing the demand for mobile phone components. According to the estimates by India Cellular and Electronics Association, initiatives like Phase Manufacturing Programme (PMP) have led the country to establish 268 mobile phone assembling units across the country. This program assists in making local mobile phone assembly cheaper than imports by imposing a countervailing duty. Moreover, the Government of India, under the Make in India initiative, is continually improving upon the technology to provide affordable mobile phone components. This initiative was designed to foster innovation, facilitate investment, boost skill development and improve manufacturing infrastructure in the country.
Report Overview: https://www.imarcgroup.com/indian-mobile-components-manufacturing-assembly-market
Indian Mobile Components Manufacturing and Assembly Market Trends:
Owing to rising internet penetration and inflating disposable incomes in India, users are spending extensively on smartphones, which is contributing to an increase in the number of domestic manufacturing and assembly units in the country. Additionally, the average selling prices (ASP) of smartphones have been declining in the region on account of market saturation. This has made mobile phones extremely affordable for Indian citizens. Moreover, the escalating popularity of 4G in the country is driving the demand for 4G Long Term Enabled (LTE)-enabled mobile phones. This, coupled with the easy availability of low-cost labor, has led numerous investors to enter and invest heavily in the Indian smartphone manufacturing industry. They are setting up their manufacturing plants in the country with the aim of enhanced production and increased profitability. For instance, in 2018, the South Korean technology giant, Samsung, inaugurated the world’s largest mobile manufacturing unit in Noida, Uttar Pradesh. Further, the Government of India is taking initiatives to promote digitalization. Launched in 2015, the Digital India campaign by the Government of India is one such initiative which aims at transforming India into a digitally empowered society and knowledge economy. On account of the aforementioned factors, the market is projected to reach a value of US$ 74.1 Billion by 2024, growing at a CAGR of 19.2% during 2019-2024.
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Market Summary:
- On the basis of the mobile type, the market has been divided into smartphones, feature phones and others. Amongst these, smartphones represented the most popular segment, accounting for more than half of the total market share.
- Based on the mobile component, main board and sensor flex exhibit a clear dominance in the market. Other major segments include display/touchscreen, camera (primary/secondary), battery pack and others.
- On the basis of the domestic manufacturing vs. assembly, assembly of mobile components represents the most popular segment, followed by domestic manufacturing.
- On the geographical front, Uttar Pradesh holds the leading position in the market. Other major regions include Andhra Pradesh, Telangana and Others.
- The market consists of numerous small and large players who compete in terms of prices and quality. Some of the major players operating in the market include Samsung Electronics Co. Ltd., Xiaomi Corporation, Lenovo Group Ltd., Micromax Informatics Limited, Oppo Guangdong Mobile Communications Co. Ltd., Vivo Mobile Communications Co. Ltd., Lava International Limited, Karbonn Mobiles and Intex Technologies.
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