Selfie Stick - Market Drivers and Forecast from Technavio

LONDON--()--Technavio analysts forecast the global selfie stick market to grow at a CAGR of over 26% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the global selfie stick market for 2016-2020. To determine the market size, the study considers revenue generated from remote-triggered, wired, and Bluetooth selfie sticks.

Bluetooth triggered selfie sticks are the most popular type of selfie sticks with 2.61 million units sold in 2015. They are expected to retain their market dominance through the forecast period due to their convenience, connectivity, and versatility. This type of selfie stick is available at extremely affordable prices, starting from as low as USD 3, which makes them the de-facto option to a very large consumer base.

Remote-triggered selfie stick will be the fastest growing segment of the market during the forecast period. This type of selfie stick was introduced more recently to the market, and at a higher price point. The small sized trigger helped in widespread adoption of this product. The last type is the wired selfie stick. They draw power directly from the smartphone, which eliminates the need for constant charging. The demand for this product is likely to be surpassed by advanced versions of the Bluetooth triggered selfie sticks.

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Technavio analysts highlight the following three factors that are contributing to the growth of the global selfie stick market:

  • Decreasing prices of selfie sticks
  • Increasing tourism and business travel
  • Increasing adoption of smart phones

Decreasing prices of selfie sticks

Due to high proliferation of Chinese manufactured selfie sticks in the market, the prices of selfie stick have gone down drastically since their launch in 2013. In 2013, selfie sticks were available at USD 30, depending on their functionality, warranty, material used, and connectivity. In 2016, the prices have come down to around USD 5 in the US and around USD 3 in the South Asian countries.

Another reason for the fall in prices of selfie sticks are the huge rise in the number of manufacturers. These selfie sticks are available through several e-commerce websites like Amazon, eBay, and Flipkart, as well as manufacturers such as KobraTech and Selfie Stick Gear. These platforms are offering high discounts, sometimes as high as 50%, and still earning profits. The declining pricing of selfie sticks has pushed their adoption by a large factor and will continue to do so during the forecast period.

Increasing tourism and business travel

Increase in spending capacity of individuals and low flight fares have impacted the tourism industry in a positive way. Business travels are also on an all-time high due to globalization. These travels take people to new places that people like to capture and archive digitally. This has had a direct impact on the selfie stick market,” says Sunil Kumar Singh, one of the lead analysts at Technavio for consumer electronics research.

Selfie sticks have become one of the most important instruments to be carried on the trips with the growing popularity of phone photography and rise of social media platforms like Facebook and Instagram. The increasing number of solo trips has pushed the demand for selfie sticks considerably. The use of selfie sticks is not just limited to people traveling alone, but people travelling in groups or with their families also use selfie sticks. Selfie sticks can also capture good group pictures with the help of correct positioning.

Increasing adoption of smart phones

The global smartphone shipments will reach more than 2 billion units in 2020, due to the availability of low-cost smartphones in emerging markets such as China and India. Most of these phones have high quality cameras with HD video recording and good quality image capturing features. This along with increasing penetration of the internet across the globe will drive the demand for selfie sticks during the forecast period,” says Sunil.

The introduction of smartphones with improved battery lives has had a direct impact on the global Bluetooth selfie stick market. These phones will last a day even with the sticks drawing consider power to click pictures throughout the day. Hence, the increasing adoption of smartphones will act as a major driver for the adoption of selfie sticks during the forecast period, as the use of selfie sticks is dependent mainly on the use of smartphones.

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global selfie stick market to grow at a CAGR of over 26% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com