The growing dependence on mobile communication and the mobile web is driving the growth of the mobile phone accessory market. As a result, smartphone sales are increasing rapidly, and OEMs are investing heavily in developing innovative products to compete in the mobile market. Some major companies in this market include Apple, Samsung, and Xiaomi, which have excluded chargers and earphones from their retail boxes.
The mobile accessories market is composed of a large number of regional and multinational brands. Key players in the market are investing in new product launches and mergers and acquisitions to increase their market shares. Some regional brands are also offering limited product lines to keep prices competitive. The low prices of these products have driven many consumers to purchase locally or online and are threatening established brands.
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Changing Perspective Of The Customer Has Impacted Market Growth
The changing perspective of the customer has influenced the growth of the mobile phone accessories industry. Consumers are buying more smartphone accessories to improve their phone’s performance and look. These products include earphones, cases, and power banks. In metropolitan areas, smartphone usage is increasing, spurring the demand for more accessories. In addition, young and tech-savvy consumers are increasing the number of mobile phone accessories they buy.
The report comprehensively analyzes the mobile phone accessories industry, including key trends and market dynamics. The study also identifies industry-leading players and outlines their growth strategies.
A few key aspects of a mobile phone accessories business can set it on a growth trajectory. One is its ability to identify the market and predict trends. This can make it possible to predict when the next big model will explode. The second factor is its ability to iterate quickly, which is crucial for product development.
For example, an upstream charger supplier recently announced plans to raise 1.996 billion yuan (about $540 million) to expand its fast charging capabilities and build its brands. The company already holds 14% of the global market. Branding is an important part of any mobile accessories business, but the road to building a global brand can be a bumpy one.
The Ever Expanding Market
As mobile phones are used more every day, the need for wireless accessories is also increasing. Smartphones can be used for long periods, but their battery capacity is limited. Consequently, consumers are turning to wireless chargers, phone cases, and headphones. In addition, a growing vertical of media and entertainment has created more opportunities for more technologically advanced mobile phone accessories. For example, Smartphone imaging accessories include camera lenses, tripods, and stabilizer stands. Some accessories even include an instant photo printer. In addition, social media applications have prompted more consumers to take photographs with their phones.
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Finally, while concluding, it can be simply stated that the accessories market’s growth trajectory will not slow down soon as new, more advanced products are being added every term keeping the consumers excited. Though the design development of mobile handsets has stagnated, the accessories market will still see an upward trend in the years to come.