Reasons why the Indian mobile accessories market is experiencing a boom
India has emerged as one of the biggest and fastest growing smartphone markets across the globe. The rapid proliferation of smartphones is a major factor driving the demand for mobile accessories in India. In recent times, mobile phone accessories have become as important as a mobile phone in day-to-day life. For today’s tech-savvy generation, it can be really difficult to survive without a smartphone and bare minimum set of accessories. From power banks, earphones to smartwatches, these accessories are must-have nowadays. Such a scenario is creating a market that is growing by leaps and bounds year-on-year and is hard to ignore.
A recent study conducted by Research On Global Markets on the mobile phone accessories market in India suggests that the rapid increase in sales of mobile accessories is directly proportional to the sale of smartphones in the country. The mobile phone market is expected to grow significantly till 2020. The rise in the overall Indian smartphone industry is influenced by a number of factors. Mostly, these factors are propelling the shift in consumer preference from feature phones to smartphones. Consequently, analysts predict that the mobile accessories market in India would also continue to grow and reach INR 156.7 Bn by 2020.
Major factors influencing the adoption of mobile phone accessories in India
The rise in the sale of mobile phone accessories is primarily driven by the increased smartphone penetration in the country. Smartphones typically come with various features like camera, multimedia messaging, music, internet, location-based services and data storing and sharing. Mobile accessories further enhance the user experience of these features: like headphones, travel chargers, protective cases, power banks, USB cables, wireless speakers, memory cards, Bluetooth devices and selfie stick. Industry players like Syska, PTron, Philips, and others are rolling out a wide range of accessories to the consumers at an affordable range.
The popularity of social media and internet can also be held responsible for the rise in the demand for mobile phone accessories. The considerable increase in the purchasing capacity of Indian consumers has ensured the shift in focus from low price range to mid and high price range smartphone accessories. The growing popularity of online shopping has also triggered the demand for the mobile phone accessories in India. Online stores offer the latest accessories available in the market at competitive prices and have, thus, become the most preferred distribution channel for buying smartphone accessories in India.
At present, India has a plethora of multi-brand stores and hundreds of online retailers for mobile phones and accessories. Availability of a strong distribution network and zeal to gain the competitive advantage are the essential driving factors for the providers of the mobile accessories to climb up the ladder. The slashing of the average selling prices of accessories has made the products affordable for consumers from all sections of the society, which has enabled the market to expand enormously.
The mobile phone accessories segment is fast changing with the continuous technology upgrades and the manufacturers bringing out devices that offer several functionalities to attract customers. The consumers are looking out for devices that are unique, versatile and multi-functional.