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Will Indian Mobile and Accessories Brands Survive the Competition Against Foreign Companies in 2023?

by MarketMillion
Indian Mobile and Accessories Brands

India has increasingly become a technological hub in the past decade. Moreover, a billion-plus large population of smartphone users is now attracting even more foreign brands to sell in India. Chinese brands continue to dominate the mobile, accessories, and gadget markets by delivering higher quality at inexpensive rates. In contrast, Indian brands still stagger to meet the quality expected from the tech-savvy Indian natives. 

In such prospects, the picture may look bleak for Indian brands yet remain to set their feet on the domestic market. However, recent years have witnessed increasing trust for boaAT, especially for smartwatches and earphones, and Lava is slowly returning to the universe of smartphones in India. But before you get too optimistic about the two surviving the challenging year ahead, let me add two words that shift the weight in the story altogether – flagship trend. Indian mobile accessories brands surviving the entry of more foreign companies is a question that requires a detailed analysis. In this blog, we intend to find that out.

Why is the Year 2023 Predicted to Be Tough for Local Brands?

With almost two months into 2023 and the financial year beginning soon, the companies are set to release their investment and expansion plans. The pandemic saw a contraction in the smartphone industry, and small companies were hit the worst. Now, as these companies plan to recover and flourish in 2023, here are some reasons why they shouldn’t keep their hopes high. 

  1. Apple Samsung Rivalry

Apple is planning to dominate the higher end of the Indian smartphone market by the end of the year. Meanwhile, Samsung continues to outperform the former and recently left Xiaomi behind to assert its dominance in midrange and flagship phones. The overall scenario is heartbreaking for Indian brands. Not only has Samsung become the preferred smartphone brand among Android users, but it is also taking over the low end of the price range. The rest cater to brands like Xiaomi, Moto, and OnePlus. 

  1. 5G to Boost Sales for High-End Phones

If you stick to the budget of 20K for your smartphone cost, spending more money on it needs a motive. 2023 so far is seeing high interest in Indian users to move to 5G smartphones elevating the average smartphone prices in India. This is a tremendous psychological change in the quickly developing nation. High spending habits usually come with a fascination for the top brands. Now at a time when online stores, banks, and financial companies are offering lucrative discounts, buying a Galaxy phone or iPhone has become more affordable. That reduces the number of people willing to settle for Indian brands leaving reputed companies like Samsung, Apple, and OnePlus.

  1. Flagship Trend Due to Increasing Per Capita Income

With the livelihood getting better and more paying, more users have been opting for iPhones of the Galaxy series in the last few years. This percentage is high in metropolitan cities, which house a significant share of the country’s smartphone users. Indian brands haven’t yet earned the trust to compete with the expensive brands. Therefore, the population shifting toward flagship smartphones can be another setback to the success of Indian brands.

Now, the preference for flagship brands doesn’t cause harm only to Indian smartphone brands. It has another indirect impact, and that is upon the local mobile accessories and gadgets companies. Users using iPhone or Galaxy smartphones will likely go far with accessories like Airpods, Samsung Watches, etc. This is bad news for brands like boAT, whose users come from lower to mid-range mobile phone users.

Will Indian Brands Sail Through the Waves Of Uncertainty 

The brands like Samsung and Apple are expected to perform well, but the picture of brands like boAT and Lava could be more precise. It can be safely said that these companies won’t be hit hard and will continue to perform satisfactorily well. 

A few factors bring us to this conclusion. One, the Indian government is promoting Made in India products for a good reason. Two, the government might consider increasing the restrictions on Chinese smartphones. Indian brands have become more hopeful, with the government expected to bring support to its budget for 2023. Lastly, Indians are developing more trust in local brands with time. Therefore, the obstacles ahead have yet to be successful in discouraging boAT and Lava, who have planned expansions in the coming year. With that in store for the near future, the stocks of these companies are expected to do well on the market. 

Moreover, Lava has filed its DRHP with SEBI to register as an IPO to generate revenue for its busy plans in the year ahead. Therefore, the prices of shares might dip, making it an ideal time to buy unlisted shares. The company is preparing to set its feet in the Indian 5g smartphone market. If you want to buy unlisted shares of the leading brand in Indian smartphones, we recommend Stockify

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