siliconindia | | May 201919mobile phone accessories market. In Europe, mobile phone battery cases market is anticipated to behold the highest compound annual growth rate (CAGR) during the forecast period i.e. 2017-2023. North-America is expected to wit-ness significant growth over the forecast period with a con-tribution of 14 percent in the total revenue of global mobile phone accessories market by 2023.Moving beyond global number data trends to fashion and lifestyle. Today, the humble smart phone accessory like a phone case has become the most important part of a woman's wardrobe. For Louis Vuitton spring/ summer 2017 catwalk show in the Place Vendôme in Paris, the very first model onto the catwalk wore a gunmetal grey draped jersey dress and carried no handbag, but instead held in her hand a phone case styled as a tiny version of the classic monogrammed trunk, complete with studded edging and a miniature gold lock. The case is now on sale, for £745!With the rise of a new generation that calls itself Gen-eration Z, the integration of technology with fashion and lifestyle is utmost important. For them, while technology in the mobile phone accessories world is ingrained to make it `more convenient', the fashion in them needs to be there to `make it look nice'. This age group tends to keep spending the maximum on mobile phone accessories and hence have become more and more important to a lot of brand players in this segment. The question that the consumer today is asking is `It is a nice phone, but what can you plug into it?'Let us look at some factors that that are propel-ling this rise in consumer demand and need for mobile phone accessories: 1. The growth of the market is primarily driven by the rising disposable income and increasing adoption of the smartphones due to their affordability. Further, the rising urban population across the globe, characterized by ur-ban upper class and high net worth individuals, has led to a strong demand for advanced mobile phone accessories such as premium headphones and power banks and premi-um battery cases. 2. Another reason is the technological advancement in the mobile phone accessories market. Moreover, add to this mix the online channels as more and more consum-ers prefer to shop mobile phone accessories from online stores rather than local stores as it is more convenient and also the discounts and various promotions offered by the online channels. 3. Social media is another reason for this increased demand and importance. With brands innovating mobile phone accessories to anything inspired by celebs, to quirky mantras, to all possible shapes and sizes and working very hard on aesthetics to bring out innovation and much more, social media plays a key role in bring the global consumer together. Using the power of these platforms the consumer today gets to choose not only the latest in trends and price but also the latest according to their smartphones as far as technology is concerned. 4. Technological advancements are another big con-tributory factor. From a time when until a few years ago, mobile accessories meant the charger, data cable and ear-phones. Today, the scope expands to high tech mobile ac-cessories like Bluetooth devices, power banks, wired head-phones, wearable technology like smart watches that sync with the smartphones and many more. Mobile phone accessories today cater to a vast spectrum of consumer needs: From imaging & photography, wireless charging , fast charging, portable power banks to wireless and wired audio, wearable and VR headsets there is some-thing for every consumer to pick up. No matter which re-gion, country, age group or lifestyle one comes from, the mobile phone accessories market offers you a choice from very affordable to extreme luxury. At last, what the interesting question for quite some years in the mobile accessories market will be - What is next? With the rise of a new generation that calls itself Generation Z, the integration of technology with fashion and lifestyle is utmost importantRitesh Goenka
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