Although a majority of smartphone manufacturers concentrate solely on the devices, there are times when even the mobile accessories contribute substantially to the overall revenue for the OEM and even the third-party manufacturers. Moreover, what’s interesting to note is that the increased sale of mobile phones in India have directly or indirectly impacted the popularity of these accessories, in a positive manner. Both customers and manufacturers need to understand that accessories are extremely important especially if a person is looking to tap into the true potential of a gadget.
While the bare minimum accessory requirement involves earphones and the charger— there are many more options which an individual needs to keep handy in order to make the most of any device. With the likes of power banks, smart watches, and fitness trackers gaining popularity— it is only a matter of time that the mobile accessories are held in high regard, especially across the Indian contingent. Moreover, recent studies have also revealed that the sale of accessories is in accordance with the sale of smartphones— both new and refurbished with the figures for the former expected to reach a massive $107.3 billion by the end of 2022.
Factors Driving Growth:
While it’s important to realize that the inadvertent growth in regards to smartphone sales has accentuated the popularity of mobile phone accessories, there are a host of other factors which are instrumental in amplifying the sales. However, before enlisting the factors driving mobile accessory sales, it is important to look at the reasons why smartphones are selling like hotcakes, despite bigger brands putting exorbitant price tags on their safety gadgets.
The Existence of Alternatives:
Needless to say, there are multiple pre-owned smartphone markets around which are making it easier for customers to get hold of premium gadgets without having to pay a fortune. While there are many local offline resellers to purchase from, the growth of online startups like Togofogo have revolutionized this industry.
Growth of Ecommerce Websites:
Customers need not go out and purchase smartphones as there are several ecommerce websites to rely on. Moreover, a majority of these websites offer substantial discounts and myriad offers on pre-owned and new devices; thereby increasing the overall sale figures associated with smartphones. This is why most OEMs are preferentially launching their devices online, mostly over platforms like Amazon and Flipkart.
If the reasons behind increased smartphone popularity are to be factored in, the mentioned ones will certainly be placed at the top of the pecking order. However, quite a few ripples have also been felt by the mobile phone accessory market which has evolved equally, in not more, courtesy the following reasons:
Availability of Wireless Devices:
People are increasingly going wireless, especially when it comes to using earphones and untangling the charging devices. Needless to say, wireless lifestyle is a hit among millennials and this inclination has resulted in the increased sale figures associated with wireless chargers and earphones. More often than not, a user isn’t satisfied with the acoustic tool offered alongside the smartphone. Therefore, purchasing earphones from third-party vendors is also showing up as an increasingly popular trend.
Irregular Power Distribution and Erratic Lifestyle Considerations:
Modern-day mobile phones aren’t that popular for their battery lives and the irregular electric supply worries hardly make things better for the consumer. This anomaly, in a way, has popularized the sale of power banks which, at present, can be regarded as one of the more popular mobile accessory. Then again, power banks are selling like hot cakes as individuals are always on the move and getting a plug-point for the charger isn’t always possible.
Social Trends and Technological Growth:
Mobile phone accessories have become cheaper with multiple players pitching in. With the online and offline stores offering extremely competitive prices, it is now easier to find the compatible accessory at an affordable rate. Lastly, it is important to note that accessory manufacturers are constantly innovating and adding multiple features to their products, thereby facilitating increased sales.
While these are some of the major factors that are driving increased sale figures for mobile accessories, it all boils down to the overall smartphone reception. It can therefore be inferred that consumers and even manufacturers are in for an exciting journey as the smartphone accessory market is expected to evolve, in years to come.