According to GSMA data over five billion people own a phone. This means that two-thirds of the world’s population carry a phone and use it for their day to day activities. Smartphone use has been on the rise because they provide people with access to the digital world. If you want to log in to your social media pages, then all you need is a smartphone and a connection to the internet.
The rise in demand for phones also has increased the demand for phone accessories. For instance, in 2016 the mobile phone accessories industry was worth $60.64 billion. Mobile phones are part of our lives, and so are the accessories. Most of us would find it difficult having to survive a day without mobile phone accessories such as power banks, earphones, protective case, portable speaker, selfie stick and a USB cable. This is what has led to the growth of the industry year on year.
A recent study done in Asian countries such as China and India revealed that the sale of phone accessories is directly proportional to the sale of phone accessories. It is estimated that by the year 2022 the mobile phone accessory will be worth $107.3 billion. And it’s not just some innovative smartphone accessories that we are talking about. With good smartphone accessories, we see that there are more people taking to online betting as well. Many, for instance, prefer to use the Betway mobile app no matter where they are.
What are the factors that have led to the growth of the mobile phone accessory industry?
Here is a look at some of the significant factors which have played a vital role in the growth of mobile phone accessories.
1. Increased Adaptation of Smartphones
The use of smartphones is at large because of increased network connectivity. As long as you have an internet connection you can do anything. You can catch up with friends on Social media, shop online and even enjoy the convenience of e-banking.
2. Rapid Urbanization
The growth in population in major urban areas is on the rise. This has, in turn, increased purchasing power. Therefore more people in urban areas are willing to spend their money on mobile phones and their accessories.
3. Increase in Demand for Mobile Phone Accessories
A lot of people need portable speakers and headless mobile phones which increases the demand for these accessories.
4. Technological Advancements
In the past when you used to buy a phone, the traditional phone accessories were a charger earphones and a USB cable. However, with technological advancements, mobile phone users are now inclined to more high tech stuff such as power banks, wireless headphones and portable speakers.
5. Companies Are Offering a Secure Distribution Network
If you want to make a style statement with your phone, then you need a phone accessory. They are trendy, unique and colorful depending on your preferred style. There are a lot of stores where you can purchase your preferred accessory. This can be attributed to the secure distribution network which is provided by the companies.