ROCKVILLE, MARYLAND, UNITED STATES, September 15, 2021 /EINPresswire.com/ — 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.
Rising proportion of cab services making use of GPS navigation are foreseen to witness a spike in sales in the automotive mobile accessories market.
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 strategies.
The incorporation of technological up-to-date mobile accessories in automobiles is slated to be heavily influenced by the spate of unstoppable innovation in the automotive industry. The call for seamless cross-connectivity has further added impetus to the prosperity of the automotive mobile accessories market. The rising need for customization and personalization has further added to the surging demand for automotive mobile accessories, thereby driving the automotive mobile accessories market. In the coming years, the automotive mobile accessories market is foreseen to witness striking collaborations between OEMs and mobile accessory manufacturers. These collaborations would furnish the raising requirements of ‘in-built’ features raised by customers, thereby diversifying the growth of the automotive mobile accessories market.
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The rising fad for enhancing the functionality of vehicles is inducing a significant demand hike in the automotive mobile accessories market. Furthermore, the need for enhancing connectivity features on the go is foreseen to provide the much-needed fillip to the growth of the automotive mobile accessories market. As per the report mentioned by Fact.MR, the automotive mobile accessories market valued US$ 24,320 Mn in 2017. The market is further estimated to value around US 30, 416 Mn by 2022 end.
With the rising penetration of smartphones, phone holders have emerged as one of the widely adopted types in the automotive mobile accessories market. On the backdrop of having flawless interaction with mobile phones on the move, phone holders are foreseen to be one of the highly attractive types in the automotive mobile accessories market. Phone holders are slated to be of great help for attending phone calls while driving, which is further driving this segment in the automotive mobile accessories market. Moreover, phone holder has become imperative to ensure seamless and hassle-free driving, which further aggrandizes its dominance in the automotive mobile accessories market. The phone holder segment is poised to be the largest product type segment in the automotive mobile accessories market and is foreseen to value around US$ 16, 067 Mn in 2022.
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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