Branding Strategy to Aid Global Mobile Phones Packaging Market Growth
With the advent of brand power becoming a significant factor for consumers, mobile phone manufacturers are obligated to avail packaging solutions that can aid their brand in being distinguished. With the increase in the disposable income of consumers, mobile phones have become a style accessory rather than a necessity, and the brand of the mobile phone holds much more priority over its utility. Furthermore, cell phones also come equipped with extra accessories like chargers, headphones, USB cables, the user manual, and others. The packaging requirements of these complementary attachments are also predicted to be the leading factors that will drive the market.
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Transparency Market Research (TMR) estimates a CAGR of 7.4% to be witnessed by the mobile phone packaging market worldwide, over the forecast period of 2017 to 2027. A rise in the market worth is expected, to a value of US$8,055.1 mn from US$3,715.3 mn over the forecast duration. The market is highly fragmented, with principal players holding about 20% of the market.
In this blog post, TMR analysts answer crucial queries regarding the world mobile phone packaging market:
What would prove to be fundamental segments of the global mobile phone packaging market?
The mobile phone packaging market is divided into segments based upon packaging type and material type. On the basis of packaging, the market can be categorized into insert trays, rigid boxes, folding cartons, and thermoformed blisters, among others. Out of these, the folding cartons segment is offered encouragement from the rising sales performance of mid-range cell phones. Thermoformed blisters, however, may emerge as the fundamental market drivers, on account of availability of customization and differentiation. On the basis of material type, among plastic, paperboard, and molded fiber; paperboard is expected to be the component of choice. Paperboard offers recycling opportunities and is ecologically sustainable.
Plastic based packaging is likely to witness a below average CAGR, on account of its limited scope of applications and non-recyclability.
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Which regions in the world are likely to lead the mobile phone packaging market?
The leading region in the global mobile phone packaging market is predicted to be Asia Pacific. Holding a 30.3% market share, the region is anticipated to further experience growth due to its accelerating growth rate in India and other South Asian countries. The North American market is foretold to witness sluggish growth, while the European market is expected to foresee slight improvements in the market share. The Internet & Mobile Association of India (IAMAI) published a study that claims that over 96% of the mobile phones sold in India will be manufactured and subsequently packaged in India itself. This is predicted to lead to a higher demand of packaging materials.
What will be the key players in the worldwide mobile packaging market?
UFP Technologies Inc., Hip Lik Packaging Product Pvt. Ltd., Pragati Pack Pvt. Ltd, Plastic Ingenuity Inc., etc. are expected to be among the leading players in the world mobile phone packaging market. These companies are predicted to expand through strategies of mergers and acquisitions in order to maintain their market hold. Small players will be dominant market players in this business, as reported by TMR.