The increasing usage of smartphones in the last few years, has led to the growth of a parallel industry – the mobile device accessories market. According to a recent report by ABI Research, the market for mobile device accessories will grow at a 10.5% compound annual growth rate (CAGR) from 2012 through 2017, resulting in annual revenues of $62 billion in 2017.
Senior analyst Michael Morgan said, “Because smartphones tend to generate greater accessory revenues per device, it is believed that smartphones will drive 80% of the aftermarket revenues in 2017.” Among the thirteen accessory product segments tracked by ABI Research, protective cases and stereo wired headsets are predicted to show the highest growth rates of 18.2% and 15.6% respectively. ABI Research notes that mono wired headsets will show a decline in shipments of 1.3% as consumers increasingly seek accessories that will maximize the media consumption capabilities of their handsets.
Accessories are increasingly becoming personalized to the user’s performance, style and preferences, which augments the mobile device experience. “The design of smarter accessories to enhance the consumption of key smartphone features will enable mobile device accessory OEMs to remain competitive in this market,” adds senior practice director Jeff Orr. According to ABI Research, this push for smarter accessories will not only drive improved design but further maintain or grow average selling prices across the category.