As the society grows to be more developed and advanced, new inventions are created frequently. One of the greatest creations of technology is what we currently call a smartphone. Smartphones are very popular nowadays that in fact, there are several releases of new models from different brands in just one year. As sales of smartphones skyrocketed, the same thing happened to smartphone accessories. There has always been a need for phones and it just evolved to a better version which is the smartphone. However, smartphone accessories are new and are just starting to get widely acknowledged.
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According to Khawaja (2018), in India alone, smartphones are estimated to grow at a compound annual growth rate of 2.6% from 2014 when it started to get popular until 2020. The same thing can be said about smart phone accessories because the growth in the smartphone market is directly proportional to the growth in the smartphone accessories market. The main target market of this commodity are mainly smartphone users that are categorized as follows; Cellular Generation – ages 18 to 24, they grew up with cell phone awareness, Transitioners – ages 25 to 34, this category is divided between the cellphone knowledgeable group and the other which is not and the last one is Adult Adopters – age 35 or older, this group was exposed to cellphones later on in life (Comscore, 2007).
Factors attributed to the rise in smartphone accessories sales are smartphone sales, wireless accessories, irregular electricity, social trends, technological advancements and strong distribution networks. Since several smartphone brands are becoming affordable to the society, more consumers are able to spend money on the accessories that come with it. Wireless accessories such as wireless headphones and chargers are indeed a game changer. People can go about their daily chores without having to worry about untangling wires. The release of power banks or battery packs are very useful especially for people who travel a lot, this product can be called a smartphone accessory necessity. Power banks are helpful too especially on areas that have irregular power distribution. Social media has also played a big part in the increase in smart phone accessory sales. With this platform, people are constantly aware of what is currently trending. Social media has also made it easier for everyone to purchase the latest accessories online. Technological advancements together with a strong distribution network has opened the door for new products in the market which are widely accepted by consumers. The factors mentioned led to the increase in smartphone accessories’ popularity. A lot of distributors and sellers decided to market new and improved accessories and the prices became affordable because of the increase in supply (Khawaja, 2018).
Data
In the early 2010’s smartphones started to become popular. Came with the high-tech devices are accessories that can enhance its function. Figure 1. shows the spending limit of every Android, iPhone and BlackBerry respondent. It can be seen from the bar graph that iPhone owners are generous spenders compared to Blackberry and Android owners.
Figure 1. U.S. consumers’ expenditure on smartphone accessories in 2010, by phone brand owner. Adapted from “Amount spent on smartphone accessories by U.S. consumers 2010” by Statista Research Department, 2010, November 29, Statista. Retrieved from https://www.statista.com/statistics/368632/amount-spent-on-smartphone-accessories-by-us-consumers/. Copyright 2019 by Statista.
According to Yarow (2012), the most popular mobile phone accessory in 2012 is the smartphone case. Figure 2. shows cases to be the most popular with 36% followed by stereo headphones with microphone at 34%. Other accessories were close in range, cell headsets and hands-free together with batteries and chargers have 10%. Screen protection got 7% and other accessories got 4%.
Figure 2. Mobile Phone Accessories – Dollar Share by Category Type 6-month ending June 2012. Adapted from “TECH INSIDER CHART OF THE DAY: The Most Popular Mobile Phone Accessories” by J. Yarow, 2012, August 22, Business Insider, Australia. Retrieved from https://www.businessinsider.com.au/chart-of-the-day-mobile-phone-accessories-2012-8. Copyright 2007-2019 by Pedestrian Group BI Intelligence.
Figure 3. illustrates the revenue of the mobile phone industry worldwide from 2016 to 2023. From 2016, there has been an increase of 3 billion dollars or more for the years following. This steady incline shows a growth of 32 billion from 2016 to 2023 with a predicted total revenue of 93 million by 2023.
Figure 3. Revenue of the mobile phone accessory market worldwide from 2016 to 2023. Adapted from “Global mobile phone accessory market revenue 2016-2023” by A. Holst, 2018, December 12, Statista. Retrieved from https://www.statista.com/statistics/799463/global-mobile-phone-accessory-market-revenue/. Copyright 2019 by Statista.
Analysis
From all the data provided, it is very evident that the smartphone accessory market shows a very promising trajectory. Figure 1. shows that consumers are willing to spend money on accessories regardless of their brand choices. All device owners have their own spending budgets but they would pay $50 the least for accessories and $200 or more in maximum. The fact that consumers are willing to spend a lot in accessory is already very favorable. Growth of the accessory market is clearly described in Figure 3. This increase in revenue from 2016 to present and the projected increase until 2023 is based off on the consumer buying habit. While new products are being released, people become more interested in more advanced devices. In 2012, there are only several accessories to choose from, mainly phone cases, batteries and chargers, screen protectors, headphones with microphones and cell headsets and hands-free. Currently, we have doubled the number of accessory kinds for smartphones. With the rise of everything wireless (wireless earphones, chargers and etc.) people are very drawn to convenience.
Conclusion
Smartphones and smartphone accessories are very important in this technological age. Personally, I do agree that these devices make a person’s life way easier. I can definitely see the smartphone accessory market booming in the coming years. People nowadays are so crazy about AirPods and smartwatches like the iWatch plus the fact that almost everyone wants to change their phones every time there is a new release from Apple and Samsung provided that they could afford it. Producers are 100% profiting from this market. Although some products become more affordable since a lot of sellers emerged in the smartphone accessories market, the demand is also high and ongoing that almost everyone is profiting from it. One thing that I would do if ever I were to enter this market is to narrow down my commodity into the newer product lines that are techier. People are into techy stuff and I am sure that it will sell.
References
Comscore, (2007). Consumers in the 18-to-24 Age Segment View Cell Phones as Multi-Functional Accessories; Crave Advanced Features and Personalization Options.Retrieved from https://www.comscore.com/Insights/Press-Releases/2007/01/CellPhones-and-18-24-Year-Olds
Holst, A. (2018). Global mobile phone accessory market revenue 2016-2023. Statista. Retrievedfrom https://www.statista.com/statistics/799463/global-mobile-phone-accessory-marketrevenue/.
Khwaja, A. (2018). Reasons Why Mobile Phone Accessories Market is on a Growth Trajectory.Entrepreneur India. Retrieved from https://www.entrepreneur.com/article/308254
Yarow, J. (2012). TECH INSIDER CHART OF THE DAY: The Most Popular Mobile PhoneAccessories. Business Insider, Australia. Retrieved fromhttps://www.businessinsider.com.au/chart-of-the-day-mobile-phone-accessories-2012-8
Statista Research Department (2010). Amount spent on smartphone accessories by U.S.consumers 2010. Statista. Retrieved fromhttps://www.statista.com/statistics/368632/amount-spent-on-smartphone-accessories-by-us-consumers//
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