The smart accessories segment in India has seen phenomenal growth in the last few years. The increasing penetration of smartphones has fuelled the rise of the industry, and it is expected that consumers will continue to expect more advanced smart accessories in the coming year. With an increasing level of competition, consumers are spoilt for choices. Manufacturers are running against time to offer the latest features to consumers in the various smart accessories, and it is expected to continue in 2023.
The Indian market is expected to witness a shift in consumer mindset in 2023 and beyond. The market will likely move towards high average selling price (ASP) products with the latest features.
As technology is constantly evolving in the smart accessories segment, it is expected that consumers won’t mind paying a bit more for various smart accessories products to get their hands on the latest features.
Here are the key trends in the smart accessories segments that consumers can look out for in 2023:
Rise of Indian brands
Indian brands have emerged as a force to reckon with in the smart accessories industry. The year 2022 can be labelled as the year of homegrown brands in the smart accessories industry. According to a report, the country has emerged as the largest market for smartwatches in Q3 2022, with a 167 percent YoY growth. The growth is driven by Indian brands expanding their product portfolio at an affordable price point with a special emphasis on local manufacturing. It is expected that this trend will continue in 2023.
TWS is another segment that has seen significant growth from Indian brands in the last few years. With a share of over 79 percent in the overall shipments, factors like affordability, availability, and appealing aesthetics have established Indian brands in the TWS segment.
The Bluetooth speaker industry in India is expected to grow at a healthy CAGR of 9.38 percent during 2022-27. The smart speaker segment is expected to grow faster in the next 12 to 24 months as several Indian brands have entered the market. It can be expected that Indian brands will further cement their position in 2023 in the smart accessories segment.
Demand explosion
The Indian smart accessories segment has just scratched the surface, and there is a huge demand potential for smart accessories in the country. With the rising smartphone penetration among an aspirational population, it can be expected that the smart accessories segment will continue to expand its base in 2023.
Consumers expect bigger, brighter Amoled display-powered smartwatches with more accurate and capable sensors. These consumer demands are expected to drive consumer demand in the smartwatch segment next year.
In the true wireless stereo (TWS) category, consumers are expected to move towards the quad mic and ANC features, followed by big battery requirements. For Bluetooth speakers, consumers opt for large-party Bluetooth speakers and soundbars with immersive sound quality and seamless wireless connectivity. It is expected that these segments will lead the growth of the speakers’ industry in 2023.
Specialized products
The manufacturers in the smart accessories segment are expected to go several layers deeper in launching specialized products for various customer groups. So far, the targeting has been based on gender and interest.
Specialized products have been launched for customer groups like women, gamers, health enthusiasts, etc.
Going forward, it is expected that categories like smartwatches, speakers, TWS etc., will continue to push the envelope and come up with products that are as per the needs of niche consumer segments.
The increasing role of technology
Modern technologies like artificial intelligence and machine learning are expected to lead the technological changes in the industry in 2023. The wearable and hearable segments are among the fastest-growing segments in the smart accessories segment. AI and ML-based technological changes are expected to sustain the growth momentum in these segments in the next year.
Overall, technology will continue to play an integral role in driving the growth of the smart accessories segment. Consumers can expect an interconnected future powered by technology with various smart accessories.
These are the key trends in the smart accessories industry that consumers should look out for in 2023. Overall, the industry is expected to maintain its growth and delight consumers.
(The author is the CEO of Gizmore)
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