LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global mobile phone packaging market to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
The report further categorizes the global mobile phone packaging market by types of packaging (rigid boxes, folding cartons, flexible films, and others) and geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global mobile phone packaging market:
- Increasing number of mobile phone shipments
- Growing e-commerce industry for mobile phones
- Rising number of smartphone manufacturers
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Increasing number of mobile phone shipments
Efficient logistics can keep products safe and secure. The increasing number of mobile phone shipments have led to an increased demand for efficient logistics. The rapid growth of the global mobile phone packaging market is because of the rising demand for packaging.
In developed countries like the US and the UK, the demand for several types of mobile phones such as smartphones is increasing due to the growing disposable income of consumers. With rising incomes, the consumer spending capabilities also increase. Consequently, if their needs are fulfilled, they can even purchase mobile phones at very high costs. This is contributing to the growth of mobile phone shipments, which has further fueled the growth of the global mobile phone packaging market.
Growing e-commerce industry for mobile phones
Online retailers are gaining power in the mobile phone industry due to the growing e-commerce industry for mobile phones. This is generating the demand for secondary packaging solutions, such as rigid boxes and cartons as the products are individually shipped to the consumers. For consumer electronics products, such as mobile phones, online retailing has become a crucial sales channel compared to physical retailing. Based on the preferences of users, market trends, geographical location, past purchases, and demographic groups, e-commerce giants, such as Amazon and Flipkart, are leveraging real-time customization to deliver products.
According to Shakti Jakhar, a lead analyst at Technavio for packaging research, “In developed countries like the US, the sales of consumer electronics products of Amazon grew by more than 18% in 2016. In the UK, during the forecast period, the number of users buying consumer electronics products online is expected to grow at a rapid rate. The necessity for safe and secure packaging of the products to deliver them to the end-user is increasing with a growth in the e-commerce industry for mobile phones. This is further driving the growth of the global mobile phone packaging market.”
Rising number of smartphone manufacturers
To provide customers with an efficient and impeccable product, packaging contributes to product safety and brand value. Therefore, with the increasing number of mobile phone manufacturers, there is a rising demand for packaging solutions for mobile phones. Because of strong requirement for the Internet these days, consumers are increasingly buying smartphones.
“Due to several discounting and innovative strategies by giants like Samsung and Apple, they are continuing to gain a significant market share. For instance, substantial discounts on Samsung's Galaxy S7 smartphones helped it gain the market share in 2016. Considering the market shares of the manufacturers, Samsung and Apple comprised a share of more than 30% in the global smartphone industry in 2016,” says Shakti.
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