India’s smart accessories segment has seen tremendous growth in the last few years. As smartphone penetration accelerates the industry’s rise, consumers are expected to continue to expect more sophisticated smart accessories in the coming year. With increasing competition, consumers are running out of options. Manufacturers are rushing to bring the latest features to consumers in a range of smart accessories, and 2023 is expected to continue to do so.
The Indian market is expected to see a change in consumer mindset after 2023. The market is likely to move to higher average selling price (ASP) products with modern features.
As technology is constantly evolving in the smart accessory segment, consumers are expected to be willing to pay a small premium for various smart accessory products to get the latest features.
Key trends in the smart accessories segment that consumers can watch in 2023 are:
Rise of Indian brands
Indian brands are emerging as a force to be reckoned with in the smart accessories industry. 2022 will be the year of the private label in the smart accessories industry. According to the report, the country will emerge as the largest market for smartwatches in Q3 2022, growing 167% year-on-year. This growth is being driven by Indian brands expanding their product portfolio at affordable prices, with a particular focus on local manufacturing. This trend is expected to continue in 2023.
TWS is another segment where Indian brands have grown significantly over the last few years. With over 79% share of total shipments, factors such as affordability, accessibility and attractive aesthetics have established the Indian brand in the TWS segment.
The Bluetooth speaker industry in India is expected to grow at a healthy CAGR of 9.38% from 2022 to 2027. The smart speaker segment is expected to grow faster in the next 12-24 months as several Indian brands entered the market. The Indian brand can expect to further cement its position in his 2023 in the smart accessories segment.
The smart accessories segment in India is still in its infancy and there is a huge potential demand for smart accessories in the country. The smart accessories segment is expected to continue expanding its base in 2023 as smartphone penetration increases among ambitious people.
Consumers expect smartwatches with bigger, brighter Amoled displays with more accurate and better 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 to quad mics and ANC capabilities, followed by heavy battery requirements. For Bluetooth speakers, consumers choose massive her Bluetooth speakers and soundbars with immersive sound quality and seamless wireless connectivity. These segments are expected to lead the speaker industry growth in 2023.
Manufacturers in the smart accessories segment are expected to dig deeper to launch specialized products for different customer groups. So far, targeting has been based on gender and interests.
Specialized products have been launched for customer groups such as women, gamers and health enthusiasts.
Going forward, categories such as smartwatches, speakers, and TWS are expected to push boundaries and create products that meet the needs of niche consumer segments.
Increasing role of technology
Emerging technologies such as artificial intelligence and machine learning are expected to lead the technological change in the industry in 2023. The wearables and hearables segment is he one of the fastest growing segments in the smart accessories segment. AI- and ML-based technological changes are expected to maintain the growth momentum of these segments in the coming year.
Overall, technology will continue to play an integral role in driving the growth of the smart accessories segment. Consumers can look forward to an interconnected future powered by technology with a variety of smart accessories.
These are the key trends in the smart accessories industry that consumers should watch 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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