Accessorizing Mobile Phones: The Growth of The Allied Sectors
Mobile phones are now an integral part of the modern day lifestyle and its applicability has been further increased by its inclusion into daily life and lifestyle. The world has become smaller and further connected through the use of mobile phone technology which lets people communicate instantly and transfer ideas and documents across large distances in the matter of a few seconds. There are over 5.9 billion mobile phone users across the world. The total population of this planet is around 7 billion. That is a remarkable percentage of the world’s population subscribing to mobile phones.
Proliferation of Technology
Mobile devices have seen their prices falling since their inception. Indeed, this is true for most electronic goods and it is so because their relevance and applicability has witnessed an unprecedented growth. The market for such technology has matured and entry level markets are now the largest revenue earners showing the fact that it is not an elitist technology but one which is meant for the common man and one which is embraced by the common man.
RocketScience, an aftermarket accessories manufacturer offers various products such as chargers and power supplies and a host of other accessories. There is now a proliferation in the market regarding mobile network technologies such as 3G and 4G and also an increase in the number of mobile network operators. In addition to everything, the global volume of sales is constantly increasing.
Mobile phones provide comfort and convenience to users and their ability to be upgraded as well as customized means that they are hugely popular and their popularity is only going to increase.
The Current Scenario
The latest development in mobile technology has been the introduction and tremendous success of smart phones. Smart phones provided more than $20 billion in revenues from aftermarket accessories in 2012 and that accounted for more than half of the total $36 billion in revenues that mobile handset accessories in total generated. It is believed that smart phones will grow to $38 billion in revenues and other phone accessories will reduce to a mere $12 billion as compared to the smart phone market.
The increase in smart phone technology has also increased the output in the accessories segment and newer and smarter accessories are being designed to work with the technology that is provided by smart phones. There is already a high level of consumer interaction, product and brand recognition in the smart phone market and new market entries have to first develop brand recognition is the first step towards capturing a significant portion of the market base.
Brand recognition is established through the development of new and innovative accessories which extend the applicability and functionality of the phone. For example, RocketScience has started to grow in brand recognition and its products are now widely available and can be viewed by visiting sites such as Hitechwireless.com.
Regular phone consumers spend around $28 on accessories per every device and smart phone consumers spend around $58 per device. This difference can be attributed to the expandable nature of smart phones and also the availability of accessories which have better appeal for the smart phone market. Regular feature phones are looked on as basic commodities while smart phones are slightly elevated in their position. Smart phone accessories are built to exploit the applications and communication protocols of smart phones which are much more advanced than feature phones.
Smart phones are continuing to expand the value of mobile phones and their accessories are required to deliver higher levels of product engagement, customization and applicability. This is why it is important to go through the plethora of options that are now available to us and to sift through the vestigial accessories and find something that truly works for us. After all, it’s a $20 billion industry, there has to be something for everyone.