Although a notoriously competitive industry, the mobile phone market—dominated by the smartphone—is highly lucrative. 1.5 billion smartphones were sold worldwide in 2016 compared to just 680 million units in 2012. In the US alone, smartphones sales are predicted to be worth US $55.6 billion in 2017.
Multi-SIM devices are especially popular in India China and are expected to contribute to the growth of the market in these countries in the years to come. The Asia Pacific market is growing rapidly, a trend which is expected to continue due to factors such as rising income and high demand for new technologies. Slowed but stable growth is expected in developed markets.
As mobile phones proliferate around the globe, the connected accessories industry is flourishing also. Growth trends are similar in both markets. Between 2015–2025, the global accessories market is expected to grow at a slightly faster rate than the mobile phones market at a compound annual growth rate (CAGR) of 6.9%, ending at a value of close to US$ 122 billion.
Protective cases represented 20% of the accessories market in 2014. A CAGR of 5.9% is expected for this segment between 2015–2025. Power banks are a more recent but successful addition, with a forecast CAGR of 9% for this period.
*Data provided by Alibaba.com as of February 2018
Video by Fredrik Grönkvist at ChinaImportal.com. Fredrik is a Swedish Entrepreneur and co-founder of Chinaimportal.com, in Shanghai. He is a key content contributor to Alibaba.com/Insights and shares his rich experience in quality assurance, compliance and product development with entrepreneurs and importers worldwide. Visit ChinaImportal to learn more: