The automotive industry is one of the fastest-growing industries, significantly contributing to the gross domestic product of several countries. Unfortunately, the COVID-19 pandemic posed serious challenges for which the industry was under-prepared. Halted production and disruptions in the supply chain resulted in a huge setback in the automotive industry.
However, with the acceleration in the vaccination process across several countries like the U.K., the U.S., Germany, India, and China, manufacturers are making conscious efforts to bring the automotive industry back on track, with innovations and expansion. The increasing demand for magnetic air vent phone holders is observed to be a major trend prevailing in the automotive mobile accessories market. strategies.
Adoption of mobile accessories in cars and other automobiles is growing on the account of advantages of integrating these digital tools with the performance of the vehicle. Cars equipped with prominent automotive mobile accessories are expected to draw higher customers, while vehicles geared with advanced accessories will pave way for a new consumer base. Both set-ups are indicating that automotive mobile accessories are healthy for stimulating automobile sales. Fact.MR’s latest study on the global automotive mobile accessories market discusses such factors and digs deep into the growth of the market over the past few years.
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The report further offers an insightful forecast on the global market for automotive mobile accessories. Apropos the report, the global market for automotive mobile accessories is anticipated to reach US$ 24.3 Bn value by the end of 2017. Fluctuating commodity prices, rapid adoption of enabling technologies such as Internet of Things (IoT) and improving electrical frameworks in automobile offerings will collectively stimulate the market’s growth, during the assessment period 2017-2022. By the end of 2022, more than US$ 30 Bn worth of automotive mobile accessories will be sold across the globe, reflecting a steady value CAGR.
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- In 2016, the global automotive mobile accessories market recorded net sales of accessories worth over US$ 23 Bn
- The report projects that Europe’s presence on the global automotive mobile accessories market will be dominating. Through 2022, Europe’s automotive mobile accessories revenues are anticipated to soar steadily at moderate CAGR.
- North America’s automotive mobile accessories market is also expected to grow vigorously, bringing in an estimated US$ 8.6 Bn revenues towards the end of 2022.
- With more than 20% share on global market revenues, the Asia-Pacific excluding Japan (APEJ) region is also pegged to be at the forefront of automotive mobile accessories market’s regional expansion during the assessment period.
- Phone-holders are observed to top-selling products in the automotive mobile accessories market. Through 2022, over half of global automotive mobile accessories revenues are anticipated to be accounted by sales of phone holders.
- In 2017 and beyond, adapters, USB holders and portable speakers will collectively contribute to a little over two-fifth of global revenues.
- The report emphasizes that sales of such accessories will be high if priced in the low range. In 2017, more than US$ 12 Bn worth of automotive mobile accessories sold across the globe were valued in the low price range.
- Almost three quarters of global automotive mobile accessories market value throughout the forecast period will be attributed by sales of these accessories in passenger car vehicles.
- Likewise, the report anticipates that aftermarkets will be largest sales channels for automotive mobile accessories as customization needs of automobile owners are gaining traction. In 2017, aftermarket sales of automotive mobile accessories will be accounting for more than three-fourth of the market value.
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Competitive LandscapeThe report has profiled some of the key vendors of the automotive mobile accessories, which include names such as
- Belkin International
- Targus International
- Car Mate Mfg Co. Ltd.
- Mophie Inc.
- Griffin Technology Inc.
- Arkon Resources Inc.
- Pro.Fit International Inc.
- BRACKETRON INC.
- Anker Technology Co. Limited
Additional Questions AnsweredOur analysts have left no stone unturned to arm the readers with the best of insights on automotive mobile accessories market. Some additional aspects of the market addressed in the automotive mobile accessories market report are as follows-
- Which price range, low, mid, or high, would gather remarkable traction in the automotive mobile accessories market and why?
- Which vehicle type would dominate the automotive mobile accessories market in terms of revenue?
- Which would be the most lucrative sales channel in the automotive mobile accessories market having a profound contribution to the bottom line?
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