GfK Market Intelligence has released a report forecasting that demand for IT accessories and peripherals will remain resilient in India. The pandemic has stimulated demand for these products as businesses and households adapted to remote working. The Technical Consumer Goods industry has observed emerging themes driving growth, including performance, simplification, premium features, and durability. Consumers are seeking devices that can keep up with their fast-paced lifestyles and simplify their user experience. Manufacturers that can offer products meeting these demands are likely to see success in the years ahead.
The report indicates that the Indian IT device market saw record demand in CY 2021, with the momentum continuing in CY 2022. Several factors, including the growing importance of IT devices among the middle-class section, hybrid work culture, and enhanced awareness among the younger generation, contributed to favorable market trends. Furthermore, IT devices such as PCs still have less than 10% estimated penetration in India, indicating potential for future growth.
No longer Interested In Mice and Keypads
The market for computer peripherals is constantly expanding, especially among Gen Z users. The report states that consumers are no longer interested in traditional IT peripherals, especially mice and keypads. The emphasis on the design of computer mice is becoming a popular trend, with honeycomb design mice and those with five or more keys growing in popularity. Additionally, the report indicates a growing focus on programmable keys, portability, Bluetooth connectivity, and thinness in the computer mouse category.
Interesting Zonal Trends
The Indian market for computer mice and keyboard devices is seeing interesting zonal trends in terms of volume contribution. The West Zone is the biggest market, with a contribution of nearly 30% in CY2022, followed closely by the North. The South Zone has also witnessed growth, with its volume contribution increasing in both the keyboard and computer mice categories. Meanwhile, the East Zone has a modest volume contribution of 18% in CY2022.
The gaming sector has also seen enormous expansion during the pandemic, with 74% of surveyed urban Indians having played video games on a personal computer at least once, and 88% having played games on smartphones and tablets. The growth of gaming and the rise of the Metaverse are expected to open new segments of demand for IT accessories and peripherals.
Although macroeconomic uncertainty is likely to impact growth during 2023, businesses adapting to new working models are expected to support demand, and consumers are still willing to pay more for high-performance products, premium features, and products that simplify their lives. The report concludes that manufacturers and retailers should focus on developing high-performance products with premium features that simplify customers’ lives and meet their evolving needs.