No matter what smartphone you buy, you are going to need accessories, so it is no wonder that the accessory market is booming. Smartphones are expected to earn the aftermarket accessory industry $20 billion in 2012. That’s more than half of the $36 billion in total industry revenues.
These numbers come from ABI Research. A recent study revealed that smartphone owners spend about $56 on accessories per device, which is almost double the amount of feature phone owners. By 2017, feature phone accessory revenues are estimated to decline to $12 billion, while smartphones accessories should increase to $38 billion. Yep, it is a good time to be a smartphone accessory maker.
“The increasing penetration of smartphones is driving a shift in accessory design toward smart accessories that drive higher levels of consumer interaction, product value, and brand recognition,” says ABI analyst Michael Morgan. “For new market entrants, developing brand recognition is paramount in capturing market share from the incumbents. This is best accomplished by the development of engaging, innovative accessories that extend the value proposition of today’s mass market accessories.”