Captive Market Opportunity Offered by the Expanding Base of Smartphone Users to Spur Growth in the Mobile Phone Accessories Market
The global market for Mobile Phone Accessories is projected to reach US$70.4 billion by 2022 , driven by massive expansion in mobile phone ownership and higher emphasis on improving the usability and functionality of mobile devices. A mobile phone accessory is defined as a supplementary item used in adjunct to a mobile that contributes either to the function or the performance of a phone or to its aesthetic appeal. World market for mobile phone accessories continues to post steady growth driven by increasing sales of smartphones and tablets. Factors supporting growth include increasing affordability of smartphones due to decline in prices, innovation and launch of a wide range of accessories designed to enhance the functional aspects of the smartphone, and growing willingness among consumers to spend on accessories that improve functionality and usability of the device. Prevailing trends in the mobile communication domain including exponential rise in 4G LTE networks, consum...