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Increased Smartphone Penetration to Create Opportunities for the Global Mobile Phone Accessories Market Through 2020, Reports TechnavioTechnavio analysts forecast the global mobile phone accessories market to grow at a CAGR of over 6% during the forecast period, according to their latest report. The research study covers the present scenario and growth prospects of the global mobile phone accessories market for 2016-2020. The report segments the market into seven product categories, and provides a detailed analysis of each of these segments. The report also presents a detailed analysis of the market by price as well as distribution channels. Technavio media & entertainment analysts highlight the following three factors that are contributing to the growth of the global mobile phone accessories market:
Increased smartphone penetration The high penetration of smartphones is expanding the mobile phone accessories market. In 2015, the number of smartphones shipped around the world was 1.45 billion units. This number will grow significantly during the forecast period owing to the launch of high-end smartphones such as iPhone 7 and Samsung (News - Alert) S7 and S7 Edge. The rise in the sales of smartphones has increased the demand for mobile phone accessories also. The average time spent by US smartphone owners on their devices increased to 170 minutes a day in 2015 from 30 minutes a day in 2010. "Increased adoption of smartphones for purposes such as apps, games, and music has led to the increased demand for accessories such as protective case, headphones, and power banks, which drives the mobile phone accessories market," says Navin Rajendra, a lead analyst at Technavio for consumer electronics research. Low battery capacity of smartphones The low battery capacity of smartphones is a major challenge faced by smartphone users. Users tend to limit their phone use fearing the draining of battery charge. The increased use of smartphones for web browsing, social networking, multimedia, and gaming consumes a lot of battery charge. The battery capacity offered with some smartphones is not sufficient, and the phone needs to be frequently charged, necessitating the user to carry a charger or power bank. This is increasing the demand for chargers and power banks, which will support the growth of the mobile phone accessories market. Increased need to protect phones from physical damage Many mobile phone manufacturers are launching new phones to cater to the changing customer preferences. Customers prefer stylish phones that are slim and lightweight. These phones are delicate to handle and are vulnerable to physical damage. A large number of users prefer using protective shields such as cases, tempered glasses, and screen guards to protect their phones from damage. The growing demand for fashionable protective cases and related accessories will also fuel the market growth. With the rising adoption of smartphones, the need for protective cases is increasing, which is supporting the revenue inflow of the market. "Protective cases have become a fashion accessory as they enhance the aesthetic appeal of smartphones. These cases with images or stickers of favourite artists, characters, or even users' photographs have a significant demand in the market," says Navin. Browse Related Reports:
Do you need a report on a market in a specific geographical cluster or country but can't find what you're looking for? Don't worry, Technavio also takes client requests. Please contact [email protected] with your requirements and our analysts will be happy to create a customized report just for you. About Technavio Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies. Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users. If you are interested in more information, please contact our media team at [email protected].
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