Rockville, MD -- (SBWIRE) -- 03/21/2018 -- The spate of continuous innovation in the automotive market has also influenced incorporation of advanced mobile accessories. Consumer demand for cross-device connectivity has meant that far more automotive mobile accessories are developed and sold than before. The greater push toward amalgamation of automotive and technology has opened up new avenues for growth in this segment. Some of the key trends influencing mobile accessories sales include personalization, customization, and increasing ownership duration. Going forward, the market will witness an increasing level of collaboration between OEMs and mobile accessory manufacturers, as consumers expect various features to be 'in-built' instead of shopping for them in the aftermarket.
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The Fact.MR report on global automotive mobile accessories market is pegged to reach US$ 30 Bn, but reflecting growth at a moderate CAGR during 2017-2022.
Increasing Complexity Puts Greater Spotlight on Platforming
The automotive mobile accessories market is not immune to rising complexity seen across the board and OEM's are working to increase their product offerings, particularly in concealed areas such as core components, body structures, and chassis. These derivatives are witnessing high adoption in the entry level segment and this trend is anticipated to gain further momentum in the days ahead. However, too many derivatives could negatively impact profitability. The insatiable demand for performance enhancements, styling customizations, and specific features are expected to benefit the automotive mobile accessories market. To tackle the challenge of cost inflation, key stakeholders need to thoroughly analyze automotive mobile accessories market niches and target those segments where their products have the best chance of making a positive contribution to the bottom line. The automotive mobile accessories market is projected to be worth more than US$ 30 billion in 2022, with a modest CAGR, making it a potential goldmine waiting to be tapped.
Smartphone Boom has Made Phone Holders Must-have Mobile Accessory
Phone holders account for more than half of the automotive mobile accessories market in terms of revenue by the end of 2017. With a moderate CAGR from 2017-2022, the phone holder segment will expand to nearly US$ 16.1 billion by end 2022. With the smartphone boom only beginning in emerging markets, phone holders should only get more important in the days ahead. Unfortunately, the bane of modern smartphones is their sub-par battery life which compels customers to charge them whenever and wherever they can, including in vehicles. Thus, the USB segment of the automotive mobile accessories market is also extremely lucrative as it is closely related to the former. The USB segment is estimated to be worth US$ 5.1 billion by the end of the forecast period and manufacturers would do well to target Europe as that continent is the largest regional contributor.
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Focus on Volumes and Low-cost in automotive mobile accessories market
The low cost segment of the automotive mobile accessories market had a one-half revenue in 2017 and it is predicted to retain its strong position. The low cost segment is poised to grow to almost US$ 16 billion by the end of the forecast period with a steady CAGR. Europe has a share of nearly one-third and it should push past the US$ 5 billion mark in 2022, making it too big to ignore. The mid-sized segment is approx. half the size of the low-cost segment in the automotive mobile accessories market, but it could reach an impressive value by the end of the five-year study.
Passenger cars outpace all others automotive mobile accessories market
Passenger cars alone comprise a revenue share of nearly three-fourth of the vehicle type segment in the automotive mobile accessories market. A market opportunity of more than US$21 billion in 2022, it wouldn't be surprising if major players decide to focus exclusively on passenger cars as opposed to LCV's and HCV's. Increasing demand for compact cars and SUVs is also expected to boost the dominance of passenger cars on the global market for automotive mobile accessories.
The report has also profiled key manufacturers of automotive mobile accessories, which include companies such as Belkin International, Targus International, LLC, Car Mate Mfg Co. Ltd., Mophie, Inc., Griffin Technology, Inc., iOttie, Arkon Resources, Inc., Pro.Fit International, Inc., BRACKETRON, INC., Moshi, Anker Technology Co. Limited, Wizgear, and Mountek.
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