New York, NY -- (SBWIRE) -- 09/22/2017 -- The concept of celebrating every occasion of life has increased the demand for capturing every moment on camera. Now-a-days, people click selfies on all the occasions such as weddings, birthday parties, vacations, get-togethers, and almost every other occasion. At all major events, there are selfie booths, where people can take pictures using different kinds of props. Such occasions prompt people to purchase accessories that can easily assist them in taking selfies.
The selfie accessories market is growing rapidly across the globe given the increasing number of events that necessitate the taking of selfies, and it is expected to grow at a significant pace during the period of forecast. Further, the growth in the tourism and travel business has also largely supported the growth of the global selfie accessories market. The tourism industry is growing rapidly due to rising disposable income and relatively low travel fares, thereby encouraging people to travel. A vacation is incomplete without the mandatory selfie and this factor is boosting revenue generation in the global selfie accessories market.
Increasing use of social networking sites is another significant factor that is fueling the growth of the global selfie accessories market. The younger generation is highly tech savvy and likes to be updated with new gadgets with advanced features. With an increasing usage of social media platforms, the craze for selfies is also increasing as social media provides a good platform to share happy life moments by clicking selfies. Selfie accessories make the entire process easier as these accessories assist people to click perfect pictures from their smartphones at various angles easily.
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Decreasing prices of selfie sticks is rapidly boosting the market growth of selfie accessories. Due to high proliferation of Chinese manufactured selfie sticks in the market, the price of selfie accessories has come down rapidly. Also, an increasing number of manufacturers of selfie accessories and high competition among e-Commerce vendors who offer great discounts are other factors supporting revenue growth of the selfie accessories market worldwide.
The evolution of technology and an increasing craze of selfies are key factors leading to the growth of the global selfie accessories market. With the development of advanced technology, selfie applications are increasing rapidly in various fields such as biometrics and life insurance. Such applications drive an increasing demand for selfie accessories to ensure better selfies and thus support the growth of the global selfie accessories market. Innovation in selfie products is also boosting revenue generation in the selfie accessories market.
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The Asia Pacific selfie accessories market is anticipated to grow rapidly due to recent innovations in selfie products and accessories. For instance, in June 2016, Popy, which is an umbrella manufacturing company in Kerala, India manufactured a selfie stick umbrella that was compact in size.
Revenue from the selfie sticks segment in the global selfie accessories market is expected to increase from more than US$ 750 Mn in 2017 to a little more than US$ 2,500 Mn by the end of 2025, representing a CAGR of 16.0% from 2017 to 2025. The selfie sticks segment is expected to create incremental opportunity of more than US$ 1,700 Mn between 2017 and 2025.
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The adoption of wireless selfie sticks can be considered as one of the reasons for the increased share of the selfie sticks segment in the global market, as new innovations in selfie sticks are increasing by the day, leading to more demand in the global market. With the evolution of new technologies, the number of applications of these technologies is also increasing, thereby boosting the growth in adoption of selfie sticks.