The cell phone accessory market was worth more than sixty billion dollars in 2016. Forecasts indicate that by 2020, this segment will register a CAGR of more than six percent.
There are a number of reasons why the cell phone accessories market is growing. These include:
- Increase in demand for mobile hardware
- Popularity of wireless accessories
- Increased customer awareness
For budding entrepreneurs, this is a great investment opportunity. Take a look at the key trends in this industry:
Presence of New Cell Phone Manufacturers
Sony, Samsung, Apple, and Nokia are big names in the cell phone industry. However, over the years, new cell phone manufacturers have also appeared on the market.
These brands have launched innovative accessories in order to establish their presence in a competitive landscape. This has subsequently resulted in an increase in demand for unique and innovative cell phone accessories.
In order to compete with international brands, local companies offer cell phone accessories at a lower rate. If this keeps going on, pretty soon the market will be dominated by local brands. The major territories in this market include:
- North America
Increase in Popularity of Power Banks
According to news reports, the power bank market is expected to grow up to $17.2 billion by 2020.
Consumers are a lot more aware; they don’t simply purchase products on the basis of brands; they want to know its features; how is it different from its preceding models; what are the company’s values?
Customers look for value. They want to know how purchasing a specific product will benefit them in the long run. Therefore, it is important that brands develop a strong online presence.
It is estimated that by 2050, sixty-six percent of the global population will be living in urban areas. This will also lead to an increase in demand for cell phones and their accessories.
In 2015, the sales for wireless Bluetooth sets had exceeded 45 million. This statistic gives you an idea about the demand for wireless accessories. These are especially in high demand among the millennials.
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