Driving Self-Sufficiency: Networking Accessories Industry Thrives in India
The global surge in the networking accessories industry is making significant waves in India, reflecting a rapid evolution in the market. Fact.MR reports the global cable and connector market at a substantial $10 billion, with a projected high-value Compound Annual Growth Rate (CAGR) of 13.5% from 2023 to 2033. This growth is largely fueled by an escalating demand for high-speed internet, marking a digital era where networking accessories like routers, switches, and modems play pivotal roles.
In 2020, the Indian networking accessories market was valued at $68.38 million, a testament to its transformation from a niche segment to a mainstream market. The industry’s expansion is not merely contributing to the economy but also generating employment opportunities and fostering innovation. Government initiatives, most notably ‘Digital India,’ have been instrumental in promoting digital literacy and nationwide internet connectivity, thereby expanding the market for networking accessories.
India’s Stride Towards Self-Sufficiency:
The paradigm shift in the networking accessories industry in India is evident in the country’s journey towards self-sufficiency. Historically reliant on foreign manufacturers to meet market demands, India has now positioned itself on a trajectory of self-reliance. The National Manufacturing Policy, introduced by the government, aims to elevate the manufacturing share in GDP to 25% by 2025. This policy shift aligns with the changing landscape of the networking accessories industry.
Previously, India heavily depended on imports, as evidenced by the import of networking cables amounting to USD 350 million in the financial year 2022-23. However, the current landscape paints a different picture, with the emergence of local manufacturers and robust government support fostering domestic production. This shift is not only reducing import dependency but also bolstering the growth and sustainability of the networking accessories market within the country.
As India strides towards self-sufficiency in the networking accessories sector, the industry’s trajectory reflects not only economic growth but also the nation’s commitment to technological advancement and innovation. The increased emphasis on local production aligns with the broader global trend of promoting self-sustainability and reducing dependence on external sources.