When we hear mobile accessories, the very first thing that comes to our mind is smartphone. The smartphone industry has definitely seen an upward graph, both mobile phone or smartphone users in India have been actively increasing their exposure to the Internet which will keep the consumption of mobile phone accessories high. Growing smartphone penetration further pushes the Accessories Market in India. After China, India contributes to development of Mobile phone Market globally. In 2014, the percentage of smartphone users was merely 21.4 per cent, which later rose to 29.8 per cent in 2016 and is further expected to rise to approximately 39 per cent by 2019.
Currently, more than 90 per cent of the mobile components are imported in India and the segment relies heavily on shipments from China and Taiwan for handsets Government under its Make in India initiative aims to reform this by encouraging local manufacturing, with incentives etc. With government support in a phased approach the sector shall see a huge transformation positively.
Some key Trends that define the Market includes — Irregular electricity and Poor Power Distribution Infrastructure which serves as a catalyst for consumption of power banks. With growing Travel Industry, lack of proximity to suitable Power Sources, Power Banks have been the preferred choice along with the Smartphone. Next being the scope of Work for Mobile Accessories which is wide, today these gadgets are compatible and adaptable to Laptops, Computers etc, which makes these accessories multi-faceted in terms of usage. Technology & Innovation with a hint of fashion are welcomed by Indian Consumers. The product is no longer defined by functionality but also by its looks, design etc. Today Mobile Accessories are adapted to changing consumer tastes and trends, keeping in mind the progressing technology. Mobile phone accessories such as keyboard attachments, cameras, dongles, selfie sticks, thermal imaging cameras, VR headsets, protective screens and wireless ear buds, among others top the priority List. Lastly, availability at Multi retail stores has been the preferred distribution channel, gone are the days when a non-branded accessory was preferred over the Brands. The Market has consolidated and consumers though are price conscious but also have become quality conscious. Innovation and Technology is the key to build a key differentiation among the products.
Currently Pricing is becoming another key aspect for manufacturers in a bid to safeguard market prominence of their flagship products. Over 40 per cent of mobile phone accessories revenues in India will remain under mid-price range over the following decade. Undoubtedly, Power Banks and Audio along with Cases dominates the consumption in the Market.
What future has in store for us? Manufacturers are investing heavily in research and development to develop innovative technology in order to design and produce products with high degree of differentiation. The rapid growth in mobile phone usage has created a thriving market demand for mobile accessories globally; prompting higher business sector growth. Inclination towards comfort and ease is drawing demand for wireless smartphone accessories, particularly headphones and chargers. Despite the fact that the demand for wireless technology is presently concentrated in select regions, it is expected to become popular widely, regardless of high costs of such gadgets. The transition will be amazing in the wireless headphone and earphone market. The new technologies shall increase the efficiency and convenience in this area. However, in the upcoming decade, various kinds of accessories will gain more market share resulting in revenue of more than 10 percent. The future can bring many positive changes in the Indian wireless industry. There is a huge probability that the wireless technological standards of the Indian market will match the international standards in the shortest period of time. India shall see considerable growth in Mobile Accessories Market in India and Wireless Technologies shall define the future.