New Delhi: Intex a Home-bred handset maker anticipates from its accessories business to post 40 % growth and Rs 140 crore in revenues — a segment which is now controlled by unbranded products.
The city-based company currently manufactures power banks and chargers in the accessories category at its facility in Baddi, Himachal Pradesh.
Intex Technologies Business Head (Mobile Accessories) Manish Gupta told PTI that “We have seen a strong acceptance of our products that is dominated by the grey market because our accessories market has already clocked revenues of Rs 100 crore last year”.
He also said that he expects company’s business to grow at 30-40% during this financial year.
Manish Gupta said that by strong sales through e-commerce portals the mobile accessories segment grew at a similar pace last year.
Intex which gets a large percentage of its revenue (65%) from its mobile handset business and the remaining coming from consumer durables. Intex clocked a total revenue of Rs 4,600 crore in end of March 2017.
Manish Gupta said the company is going to expanding its portfolio of accessories for a good growth in revenues.
“In the next quarter of this year, we are marking at products like wireless power banks, laptop batteries etc… We are really very aggressive about this section and we are looking at achieving a share of 15%,” he said.
In past few years in the country, the accessories market which includes products like chargers, mobile covers, and cases seems tremendous growth.
The market of Mobile accessories growth rates is increasing with the smartphone sales in the country.
According to an Industry research in India accessories market is worth about Rs 8,000 crore and is growing at 20-30% every year.
With a total of the mobile subscriber base of 1.12 billion, India became one of the world’s fastest growing smartphone market. Also India is the second largest market globally.
According to a Research Industry named Credence Research, the global market for mobile phone accessories is expected to reach US$ 93,011.2 Mn by 2023 expanding at a CAGR of 6.4%.