Mobile phone accessories, a game-changer in the smartphone industry
According to Counterpoint Research 2020, the Indian smartphone market surpassed USA for the first time on an annual level, becoming the second-largest smartphone market globally, reaching 158 million shipments in 2019 with 7% YoY growth.
India is one of the biggest and fastest-growing smartphone markets globally. With the adoption of smartphones at such a high level, consumers have realized that mobile phone accessories also play an important role in enhancing the overall experience of a smartphone. Be it power banks, earphones, Bluetooth neckbands, true wireless sound, smartwatches, or wireless Bluetooth speakers, these accessories have become a must-have for the millennials.
Factors driving the Indian mobile accessories market
With the growth in market size, the number of players has increased in the market, giving consumers a wide variety of options to choose from. The competition among various brands has also led to the slashing of the prices which makes the product more affordable not just for the urban markets but for the rural market as well. Another important factor that plays a pivotal role in the development of growth is network connectivity across the country. The service provided by telecom operators has led to a major shift from a feature phone to a smartphone in the past few years.
Evolution of consumer spend patterns towards technology
The rise in disposable income has revolutionized the buying and spending patterns of customers. Change in the outlook of consumers is leading to high demand for fashionable mobile accessories. Young consumers have also started consuming content on the go with the rise in OTT platforms, therefore, leading to buying accessories that provide an enthralling experience. Studying and understanding the needs of the consumers, ICCON, a homegrown brand for lifestyle accessories’ objective is to come out with products that enhance the user experience. They study the consumer problems in depth. And their R&D and marketing teams ensure they solve the same with differently different approach. They design products with utility and ergonomics in mind. They have strong customer base of 6000+ outlets and 8 million plus happy consumers till date. They aim to become first billion-dollar company in lifestyle electronics accessory market by 2025From true wireless earphones, neckbands, data cables to power banks, the brand manufactures products that are reasonable, affordable, and that fulfil millennial needs from time to time.
Influence of social media and e-commerce portals
The popularity of social media apps, YouTubers, social media influencers, and bloggers has resulted in the rise in the demand for mobile accessories. Every young consumer in today’s world is prevalent across multiple social media websites and is expressing their feelings through these platforms. With influencers promoting best buy guides and fashionable new accessories to flaunt with your smartphone, the purchasing capacity of the common user has switched from low price to mid-price range. E-commerce portals such as Amazon and Flipkart are also always running discount offers that attract youngsters to get their hands on the latest technology in the market.
Future of smartphone accessories in India
Mobile accessories have now become a style statement for passionate young consumers. The wide range of mobile accessories being offered in the market is colorful, innovative, and trendy. These accessories further help in enhancing the features of a smartphone and help consumers experience the best of features. Therefore, owing to substantial growth in the adoption of smartphones and tablets, the mobile accessories market in India is expected to reach ~INR 252.8 Bn by 2023.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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