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Fact.MR Study: Which Vehicle Type would Dominate the Automotive Mobile Accessories Market in terms of Revenue?
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The rising fad for enhancing 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 growth of 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 rising penetration of smartphones, phone holders have emerged as one of the widely-adopted types in 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 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 automotive mobile accessories market. Moreover, phone holder has become an imperative to ensure seamless and hassle-free driving, which further aggrandizes its dominance in automotive mobile accessories market. The phone holder segment is poised to be the largest product type segment in automotive mobile accessories market and is foreseen to value around US$ 16, 067 Mn in 2022.
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Another predominant reason pushing adoption of phone holders in the automotive mobile accessories market is GPS navigation. Burgeoning proliferation of cab services making use of GPS navigation are poised to complement its ever-growing demand in the automotive mobile accessories market. The advent of magnetic air vent phone holders is believed to be a major novelty, which is also evolving as a popular product in the automotive mobile accessories market.
Europe is estimated is foreseen to be the dominant region in the automotive mobile accessories market in terms of revenue. In terms of growth rate, the North America automotive mobile accessories market is anticipated to gain new heights with a moderate CAGR. By product type, USB chargers are also anticipated to grow rapidly in automotive mobile accessories market by virtue of rapidly exhausting batteries in smartphones. Moreover, the fad for playing audio or video files while driving is one of the major factors fostering sales of USB cables in automotive mobile accessories market.
The low cost segment of automotive mobile accessories market accounted for a significant revenue in 2017 and is projected to retain its position in the automotive mobile accessories market. The low cost segment is poised to grow at a meteoric rate standing out as too big to ignore in automotive mobile accessories market. Moreover, the mid-sized segment is also forecasted to reach impressive heights in automotive mobile accessories market by the end of the forecast period. Passenger cars comprise for a major chunk of revenue share in the automotive mobile accessories market. It wouldn’t be surprising if the major stakeholders of automotive mobile accessories market decide to extensively count on passenger cars as opposed to LCV’s and HCV’s. Additionally, rising vogue of compact cars and SUVs is also likely to magnify the supremacy of passenger cars in the automotive mobile accessories market.
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