From watches displaying live heart beat readings to ease of communications via video call and internet calls over mobile applications, the dependency on consumer electronics in daily lives is significant. Witnessing the rise of local tech giants, mobile penetration in the country and the integration with evolving technology has changed the way people live. And although a fairly strong market has been established, tech accessibility often comes down to a single characteristic: Cost.
While electronics such as smart phones and smart televisions are transforming from luxury to necessity in today’s world, the price range of consumer electronics might create a barrier. Undoubtedly, the spectrum of consumer electronics is expanding with improved technology, but it is certainly more important to focus on accessibility for people from all walks of life.
This ideology has prompted several Indian players to impact and strengthen the Indian Consumer Electronics market. For instance, a number of Indian market leaders such as Mukesh Ambani’s Reliance Jio (mobile data), Rajesh Agarwal’s Micromax (mobile phones), etc, have made substantial changes in the accessibility of technology as well as electronics market expectations. Akin to the efforts of Rajesh Agarwal’s Micromax in introducing affordable mobile phones with a combination of latest features including dual sim, 30-day battery life, and QWERTY keypad, Reliance Jio has been instrumental in improving the accessibility of 4G data across the country.
As a result, consumer electronics featured under the economical price bracket introduced a sense of convenience that had a considerable impact of the lives of people irrespective of their subjective financial condition.
With further home-grown product development from leading players, Indian consumer electronics could further see application in the remote areas of the nation. Thus, the mass democratization of technology fueled by proactive customer participation and the efforts of Indian companies is the driving force behind the electronic market growth.