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Personalized and Premium: The New Buzzwords in Mobile Accessories Market
In today’s fast-paced digital world, mobile devices like tablets and smartphones have become a fundamental part of our lives. With the rising use of these devices, the demand for mobile accessories is also witnessing significant growth. Mobile accessories are add-on products designed to improve the functionality, performance, or aesthetic value of mobile devices. These accessories include screen protectors, cases, chargers, headphones, speakers, covers, and many more.
The ever increasing demand for tablets, smartphones, and wearable devices are the key factors driving the growth of the market. Some of the growth opportunities in the mobile accessories market that are yet to reach their saturation levels are:
Rise in e-commerce platforms:
The introduction of e-commerce channels has made it easier for consumers to buy mobile accessories online. The convenience and ease of online shopping have proliferated the sales of mobile accessories. With the rising trend of online shopping, the mobile accessories market is expected to grow substantially.
Technological Advancements:
With rising advancements in technology, the demand for mobile accessories is getting an advantage from the introduction of innovative products. For example, wireless charging technology is gaining popularity these days, with a lot of consumers looking out for devices that offer wireless charging. Similarly, with the rising trend of virtual reality and augmented reality, VR headsets and AR glasses have gained popularity as mobile accessories. With constantly evolving technology, new and innovative mobile accessories are expected to be launched which are expected to positively benefit the market.
Personalization:
Consumers are on the lookout for personalized products, including mobile accessories. This is creating a huge demand for customized mobile accessories such as customized headphones, personalized phone cases, etc. This trend of personalization has created a stable market for manufacturers which is providing them opportunities for the development of new products and increase their sales.
Inflating Disposable Income:
Increasing disposable income has led to an increase in demand for premium mobile accessories. Consumers are more interested than ever to spend more on high-quality and premium mobile accessories like high-end headphones, leather phone cases, and more. The rising trend of premiumization is further expected to create new growth opportunities for mobile accessories market.
Accessories that complement the performance, maintenance, and features of mobile handsets are called mobile accessories.These include earphones, Bluetooth headsets, portable travel chargers, protective covers, and screen guards.Mobile accessories represent a moderate volume and high growth market due to changing lifestyles, technological innovations, and the need for effective maintenance of costly instruments. The mobile phone market is dynamic in nature with more frequent launchesin new features, accessories, and mobiles, giving rise to the need for custom-made screen guards and protective covers.
The interchangeability and compatibility of accessories other than covers and screen guards present customers with a wide range of products to select from.A large number of domestic, regional, and smaller players provide low-end products such as screen guards and covers to the market. These products are often not standardized, causing high disruptions in the market. Innovations in portable power backup devices, connection cables, and water resistant, scratch resistant, dust proof, and impact resistant covers and screen guards are driving growth in the market. Sound cancellation features, inherent bass, and microphone input features are driving growth in the earphone and headset segment. The mobile accessories market is expected to grow in-line with sales of mobile handsets. Some of the underlying factors for growth include rising disposable income, changing lifestyle, and rapid innovation in the consumer electronics segment.Moreover, lack of standardization of accessories opens up the market for domestic manufacturers.
The mobile accessories market is expected to outpace the growth of the global smartphones market, with a growth rate of 15% - 20% over the next five years.Some of the market players include Philips, Panasonic, Samsung, LG, and other electronic product and component manufacturers.