Smartphones are expected to earn the aftermarket accessory industry $20 billion in 2012, accounting for more than half of the $36 billion in total industry revenues, according to ABI Research.
A recent study showed that smartphone owners spend roughly $56 on accessories per device, nearly double the amount of feature phone owners.
By 2017, feature phone accessory revenues is estimated to decline to $12 billion, while smartphones accessories are estimated to increase to $38 billion.
“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.”