Through the years, India has emerged as one of the largest economies in the world. It has not only proved its steadfastness across diverse industries but has also emerged as a profitable and potential market for various sectors. One such sector is technology. India has always remained abreast of the technological advancements and has been on the forefront to adopt them. Any technological breakthrough has always been an intrinsic part of the country’s development plans. The Digital India campaign, which is striving to bring every Indian on the digital platform, is one such example.
As a result, technological advancements have penetrated the Indian market in the form of services as well as consumer goods. Considering the country’s capability to easily adapt to various technologies, it has led to the surge in the market of smartphones, laptops, tablets and mobile accessories. There has been a steady rise in the market of mobile accessories and it is expected to be so for the coming year. Following are some of the factors that have led to the tremendous growth in the mobile accessories market and why it will continue to be so:
Influx of Smartphone brands
When we hear about mobile accessories, the first thing that comes to our mind is smartphones. There has been an influx of major international smartphone brands, which has led to cutting-edge competition amongst them. But this has also ensured that customers are getting smartphones and other devices with the latest technology at reasonable prices. Due to that, the majority of the population can be seen with a smartphone. This has resulted in the increase in demand for mobile accessories like protective cases, portable chargers etc.
Digital India and Make in India
As mentioned earlier, Digital India has played a pivotal role in bringing every citizen on the digital medium. This has resulted in people using a smart device due to the penetration of the internet in the remote areas of India. Due to the ease of doing business and getting everything at your doorstep at the tip of your fingertips, smart devices, as well as, mobile accessories have seen a steady rise in rural India. Additionally, the Make in India campaign, which has been promoting the manufacturing of accessories and other components within the country, is expected to transform this industry.
Urban consumers and their fast-paced life have given traction to compact and wireless accessories. Being on-the-go, the urban population requires a single accessory that does it all or multiple compact accessories. Mobile accessories brands are adapting to this change in the taste and trends in their consumers, thereby producing components such as portable multi-platform chargers, turbochargers, docking stations, Bluetooth headphones and other wireless products. Millennials, also being one of the major target audience has impacted the demand for customized or specific kind of accessories. For e.g. Their BYOD (Bring your own device) streaming parties requires them to bring their own streaming devices and accessories. Millennials even though cost-conscious, they don’t compromise on the quality, which is where a lot of brands cater to this demand.
Increase in the spending capacity
As India is one of the fastest emerging economies of the world with the average age of the citizen being 25 years, the spending capacity of an average citizen has increased. Even though the majority of the population is price conscious, they don’t mind spending on quality goods that also provide durability. Therefore, the readiness of people to spend on accessories to accompany their devices has increased.
Easy Accessibility: Penetration through retail and e-commerce
Apart from the above vital driving factors, availability of a strong distribution network and the easy accessibility of these accessories via e-commerce websites is helping the mobile accessories market to climb up the ladder. At present, India has innumerable retail stores and a well-networked e-commerce service, which helps the products reach to the farthest corners of the country.
Having said that, setbacks like piracy, counterfeit production of branded accessories that are being sold for half the price of the actual product, have impacted the industry to a certain extent. Fortunately, despite such roadblocks, the accessories market is witnessing steady growth and is expected to maintain this trajectory for the coming year as well.
This article has been contributed by Edith Ka, Marketing Director of Targus APAC. Targus is a leading manufacturer of docking stations and technology accessories.