Primarily, cell phone accessories are a vital part of every mobile phone. They improve cellular phone utilization rate, working, and even appeal. Today, the market for accessories has seen steady growth due to several factors such as brands consistently pushing concepts to stay atop the cell phone market, demand for various mobile phone hardware, increasing popularity of wireless accessories, and growth in consumer awareness.
A recent report by a renowned analytical marketing company on global mobile accessories trend forecasted that by the year 2020, the market for cellular phone accessories would register a high CAGR of over 6%. As such, investing in mobile accessories today would be a wise way to go for any serious entrepreneur.
Major Key Trends
Global Cell Phone Accessories Market Trend
As already mentioned, the surge in mobile phone accessories has in the recent years been influenced by several key drivers. These have indeed played a significant role in causing alterations in the market dynamics for several regions of the world. Some of these factors include:
Innovations and Foray of New Mobile Phone Manufacturers
In addition to the typical mobile phone manufacturers that we are all used to such as Samsung, Sony, Apple, Nokia, LG, and the likes, new manufacturers are now storming the market and launching unique accessories with the intent of getting a pie of this lucrative market. This has, in turn, ensured a tremendous rise in the need to have better and more appealing cell phone accessories.
Furthermore, development of both international and local brands has led to higher demands for cellular accessories. As a matter of fact, competition in their manufacturing has resulted in local brands offering lower prices for accessories and thus more consumers going for them. So, it’s expected that soon, the global mobile phone accessories market will be dominated by local brands. In this regard, the major territories anticipated to top in mobile accessories production and supply include (from the highest); Asia-Pacific, North America, Europe, and the rest of the regions.
The Power Bank Demand
Equally, more and more people are shifting their focus from their phones visual appeal to functionality. And, power banks have found themselves getting higher traction from consumers than ever. Analysts have estimated the power bank market to rise over US$ 6.8 billion in the coming years. As such, it’s arguably one of the most trending cell phone accessories in the market.
Growing Awareness by Consumers
Similarly, due to consumers becoming more and more sensible over the years, this market has seen significant saturation by business people and maturation of consumer awareness. Today, clients simply review sites, blogs, and even check out reviews online to determine the quality and performance of various brands. Besides, they also look at the metric evaluations of products based on value and make vital decisions on them.
It has therefore shown that manufacturers and Brands without an online presence risk getting left behind when the expected evolution finally takes place.
Expanding Urban Population
Well, according to a UN statistics, the population of people residing in urban areas globally, is projected to shoot up to about 66% by the year 2050. This is expected to lead to a surge in the use of mobile phones and thus the demand for accessories. The rapid migration from rural areas is presumed to cause an increase in awareness of consumers which will, in turn, lead to growth in the cell phone accessories market.
Increased Smartphone Application and Demand for Wireless Accessories
Besides, the rising demand for wireless mobile accessories is also growing thanks to everyday innovations. A good example is Bluetooth headsets that by 2015 had surpassed the 45 million unit mark. Likewise, the millennial’ generation have led to a huge increment in the demand for wireless accessories that aid to stream media fast.
Furthermore, use of smartphones has also led to a need by consumers to purchase accessories regularly. Soon, it’s expected that there’ll be even greater demand for smartphone accessories as manufacturers keep on coming up with new ideas/innovations.
Well, it’s now the right time to invest in the cell phone accessories business. Today, you can quickly get all your wholesale mobile phone accessories online at affordable prices at just the touch of a button. With the right supplier who understands the market, you can be guaranteed of positioning your business effectively in this arena with sought after products. So, invest in cell phone accessories today, and you won’t regret!