Chinese firms now eye India's Rs 10,000 crore mobile phone accessories market
India's mobile phone accessories market is expected to grow at a compounded rate of over 10% till 2024. Moreover, according to a recent report by Research Nester, a leading service provider for strategic market research and consulting, this market is projected to mushroom to $3.54 billion by then.
No wonder Chinese mobile accessories companies are now eyeing this red-hot pie. According to The Economic Times, Hong Kong-based WK Life plans to open 200 outlets across India in the next two years, selling mobile phone cases, power banks, earphones and speakers to tap the Rs 10,000-crore market.
"India is the second largest mobile phone user base in the world but the accessories market is unorganised as one company is selling cable, other is selling earphones ... But this brand is selling everything under one roof," Rohit Sahani, co-founder of WK Lifestyle India, the master franchisee for WK in the country, told the daily.
WK currently operates outlets in the US, Cambodia, China, Thailand, Nepal, Pakistan, Kuwait, Iran, Philippines, Norway and Sweden. WK Lifestyle India plans to open its first store in Noida's Mall of India later this month, and plans to expand its store network through sub-franchisees.
Then there's ZMI, a Chinese mobile accessories company funded by Xiaomi, one of India's leading smartphone sellers. ZMI has reportedly partnered with Shyam Telecom group to launch more than 50 products in the country in a phased manner. The product lineup includes power banks, chargers, wireless charger, cables, projectors, batteries, IOT cameras and audio products, among others.
Edited by Sushmita Choudhury Agarwal