Increasing use of social networking sites and growth in the travel and tourism business is propelling the global market for selfie accessories
The concept of celebrating every occasion of life has increased the demand for capturing every moment on camera. Now-a-days, people click selfies on all the occasions such as weddings, birthday parties, vacations, get-togethers, and almost every other occasion. At all major events, there are selfie booths, where people can take pictures using different kinds of props. Such occasions prompt people to purchase accessories that can easily assist them in taking selfies. The selfie accessories market is growing rapidly across the globe given the increasing number of events that necessitate the taking of selfies, and it is expected to grow at a significant pace during the period of forecast. Further, the growth in the tourism and travel business has also largely supported the growth of the global selfie accessories market. The tourism industry is growing rapidly due to rising disposable income and relatively low travel fares, thereby encouraging people to travel. A vacation is incomplete without the mandatory selfie and this factor is boosting revenue generation in the global selfie accessories market.
Increasing use of social networking sites is another significant factor that is fueling the growth of the global selfie accessories market. The younger generation is highly tech savvy and likes to be updated with new gadgets with advanced features. With an increasing usage of social media platforms, the craze for selfies is also increasing as social media provides a good platform to share happy life moments by clicking selfies. Selfie accessories make the entire process easier as these accessories assist people to click perfect pictures from their smartphones at various angles easily.
Decreasing prices of selfie sticks is rapidly boosting the market growth of selfie accessories. Due to high proliferation of Chinese manufactured selfie sticks in the market, the price of selfie accessories has come down rapidly. Also, an increasing number of manufacturers of selfie accessories and high competition among e-Commerce vendors who offer great discounts are other factors supporting revenue growth of the selfie accessories market worldwide.
The evolution of technology and an increasing craze of selfies are key factors leading to the growth of the global selfie accessories market. With the development of advanced technology, selfie applications are increasing rapidly in various fields such as biometrics and life insurance. Such applications drive an increasing demand for selfie accessories to ensure better selfies and thus support the growth of the global selfie accessories market. Innovation in selfie products is also boosting revenue generation in the selfie accessories market. The Asia Pacific selfie accessories market is anticipated to grow rapidly due to recent innovations in selfie products and accessories. For instance, in June 2016, Popy, which is an umbrella manufacturing company in Kerala, India manufactured a selfie stick umbrella that was compact in size.
Selfie sticks is the fastest growing among the product type segments in the global selfie accessories market
Revenue from the selfie sticks segment in the global selfie accessories market is expected to increase from more than US$ 750 Mn in 2017 to a little more than US$ 2,500 Mn by the end of 2025, representing a CAGR of 16.0% from 2017 to 2025. The selfie sticks segment is expected to create incremental opportunity of more than US$ 1,700 Mn between 2017 and 2025. The adoption of wireless selfie sticks can be considered as one of the reasons for the increased share of the selfie sticks segment in the global market, as new innovations in selfie sticks are increasing by the day, leading to more demand in the global market. With the evolution of new technologies, the number of applications of these technologies is also increasing, thereby boosting the growth in adoption of selfie sticks.
The global selfie accessories market is expected to witness significant growth during the forecast period. In this report, the global selfie accessories market is segmented on the basis of product type, compatibility, sales channel and region. This market offers several opportunities to selfie accessories providers. While focusing on the overall market approach our analysts have observed that Asia Pacific is expected to remain as the key market in the global selfie accessories market due to the presence of a large number of selfie accessories manufacturers in countries such as India, China, Japan and Korea. China is estimated to be the dominant market in 2017 in terms of revenue sales for selfie accessories. In the coming years, U.S. is expected to be the key market for sustainable revenue generation from selfie accessories products. Our research further indicates that product launches and continuous product up-gradation helps increase business revenue and new innovation that enables selfie accessories providers to reach new potential customers in emerging markets. In a new report titled “Selfie Accessories Market: Global Industry Analysis and Forecast (2017 – 2025),” we have highlighted our findings on the global selfie accessories market over an eight year forecast period. The market forecast has been done on the basis of the current market scenario. However, in future, the market is expected to witness the entry of new startups, which can change overall market dynamics.
We have profiled the top market players across the globe to get a clear picture of the current scenario of mergers and acquisitions in the global selfie accessories market. While studying these top vendors in the market we have analyzed their recent developments, various financial strategies, SWOT analysis, key business information and overview of their performance in the last few years. Important metrics such as Year-on-Year growth and absolute $ opportunity have been evaluated for every segment along with market attractiveness analysis. In another important section, we have covered the dynamics of the global selfie accessories market for the period of eight years. These dynamics include supply and demand side drivers, macro-economic drivers, restraints, opportunities and trends. Apart from this, the report also comprises in brief the introduction, key market definitions and market taxonomy of the global selfie accessories market.
The global selfie accessories market is segmented into the following categories:
By Sales Channel
By Product Type
Persistence Market Research methodology comprises in-depth secondary research to ascertain the overall market size, top industry players and products. Our reports_bk_01_01_2020 deliver key industry insights and information in an easy-to-understand format. Before drafting this report, our expert team of analysts have conducted interviews with industry players, experts, retailers and distributors in the global selfie accessories market to acquire pertinent inputs pertaining to selfie accessories in the global market. We have considered market indicators such as R&D expenditure and research funding from government and non-profit organizations to arrive at the indicated market numbers. Further, historical consumption trend has been analyzed to track market data. Economic fluctuations have been considered while forecasting the market numbers. Finally, bottom-up approach has been used to assess market numbers for each product category, while top-down approach has been used to counter validate the reached market estimations.