The global mobile phone accessories market size is expected to grow by US$32.72 billion ($51.79 billion) from 2021 to 2026 at a CAGR of nearly 6%, according to market research firm Technavio. .
Technavio cited the integration of advanced features in smartphones, the growing preference for wireless mobile phone accessories, and the proliferation of low-cost smartphones as factors propelling the growth of the market.
The growth of the counterfeit mobile accessories market and the short lifespan of smartphones could hamper the growth of the market, Technavio said.
Competition in the global smartphone market has intensified as smartphone manufacturers focus on incorporating innovative features and technologies into their products to stay competitive in the market.
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These innovations will allow users to use their devices for multiple applications, such as taking high-definition videos and selfies, quickly accessing mobile apps, and playing high-definition games.
Features such as taking high definition videos and selfies, accessing mobile apps and playing high definition games will generate demand for accessories such as power banks, earphones, earphones, phone cases, etc. protection and screen protectors.
Mobile Phone Accessories Market Trends
Technavio pointed out that the growing focus on improving telecommunications network infrastructure is a key trend in the mobile phone accessories market.
Smartphone manufacturers, government organizations, and telecom service providers are working together to improve the telecom network infrastructure to support high network bandwidth capacity.
This accelerates investments in 4G/5G networks and developments in 4G/5G-enabled devices.
For example, in September 2018, Celcom Axiata Berhad, a Malaysia-based mobile telecommunications provider, announced that it had signed an agreement with Telefonaktiebolaget LM Ericsson.
Under the agreement, Telefonaktiebolaget LM Ericsson will supply Celcom Axiata Berhad with radio access network (RAN) equipment from its portfolio of Ericsson radio systems.
This will accelerate the use of mobile phones to access online audio and video content, which, in turn, will drive strong demand for mobile phone accessories, Technavio said.
Wide availability of counterfeit products makes it difficult to control
Counterfeit mobile accessories present a challenge. It is seeing strong growth in emerging economies such as Indonesia, Malaysia, India and Taiwan in APAC.
This demand is driven by the increased preference for low-cost products in the region and the wide availability of counterfeit products. The easy availability of these products through all distribution channels, including physical and online retail stores, in every country makes it difficult to control sales of counterfeit items.
According to Technavio, the increase in sales of counterfeit accessories reduces the total potential market for mobile accessories, which hinders the global market for mobile phone accessories.
This first appeared in the CommsWire subscription newsletter on October 14, 2022.
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