The future of Indian mobile accessories market looks bright
More than 90 per cent of the mobile components in the country are imported from China and other neighbours
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 and users in India actively increasing their exposure to the Internet 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 the mobile market globally. 2014 saw merely 21.4 per cent, but later rose to 29.8 per cent in 2016 and expected to hit around 39 per cent by 2019.
When speaking to Manoj Kumar Pansari, CEO for Astrum Holding Ltd, he had some insiders to share on the smartphone accessory market and its future here in India. 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. Our 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. 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 nonbranded accessory was preferred over the Brands. The Market has consolidated and consumers though are price conscious but also have become quality conscious.
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. 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 per cent. India shall see considerable growth in Mobile Accessories Market and Wireless Technologies shall define the future.