Newark, Aug. 01, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global market for mobile phone accessories is expected to grow from USD 84.1 billion in 2021 to USD 157.3 billion by 2030, at a CAGR of 7.20% over the forecast period 2022-2030.
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The increase in the young labor force has also pushed the development of the market to a higher level at present. The transformation from the customer’s perspective has also had an impact on the growth of the market. The consumer group often chooses to switch phone coverage, which affects the overall development of the market. Moreover, the male customer group likes to change additional accessories such as fast chargers and earphones. The fact is that the products make it easier and smoother to use mobile phones, which makes them famous. For example, the launch of smartwatches made it easier to see notifications and calls without checking the cell phone. The invention of power banks has made it easier for customers who often use smartphones and travel often.
To strengthen their position in the global mobile phone accessories market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships .
• Beats (Apple) introduced necklace headphones that work via Bluetooth, offer noise cancellation and can play for eight hours on a single charge.
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Market growth and trends
The increased need for wireless accessories is pushing the development of mobile phone accessories market. The increase in demand is due to changing consumer choices for listening to music on portable devices, such as tablets and smartphones. Music is easily accessible through music streaming platforms including SoundCloud and YouTube. The need for mobile phone accessories has increased due to rising per capita income and the popularity of social networking sites in metropolitan areas. An upsurge in internet penetration is also expanding the online retail platform. Be that as it may, the excessive use of headphones has an impact on the hearing ability of the consumer, which limits the growth of the market. Rapid advancements in technology including the implementation of noise canceling technology, built-in fan, light in selfie sticks and Bluetooth/NFC speakers are expected to provide lucrative development prospects. However, taxes on imports and exports from major manufacturing countries are driving substantial transformations in the global technology landscape. The future unpredictability of the market limits business financing and reduces the speed of development. Likewise, the market for mobile phone accessories is booming owing to the high adoption of mobile phones globally.
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According to the survey, the absolute number of smartphone shipments in the third quarter of 2019 reached 352.4 million units. Growing penetration of AI and IoT technologies, along with innovative technological advancements in voice recognition systems, clip-on headphones, wireless audio products, and exact integration of voice recognition software, is propelling the growth of the global market.
• In 2021, the premium segment accounted for the largest market share, with 34% and a turnover of 28.5 billion.
The price range segment was divided into mid, low and high end in 2021; the premium segment accounted for the largest market share, with 34% and a turnover of 28.5 billion. Changing lifestyles and increased purchasing power of customers have created a preference for high-end products. Globalization and financial growth, especially in developing countries, also provide lucrative opportunities for different businesses to capitalize and strengthen their market position.
• In 2021, the protective cases segment accounted for the largest market share, with 12% and revenue of 10.09 billion.
The product type segment is divided into popsockets, headphones/earphones, portable speaker, battery, protective case, power bank, charger, memory card, battery case, screen protectors and others. In 2021, the protective case segment accounted for the largest market share, with 12% and revenue of 10.09 billion. Mobile phones are delicate to use and are subject to physical damage; the requirement for protective accessories such as tamper evident glasses, screen protectors and protective cases is increasing the growth of the segment.
• In 2021, the offline segment accounted for the largest market share, with 62% and revenue of 52.1 billion.
The distribution channel segment is divided into online and offline. In 2021, the offline segment accounted for the largest share of the market, with 62% and a revenue of 52.1 billion. Segment growth is the traditional way of shopping and price disparity in local outlets and other wholesale markets.
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Regional Segment Analysis of Mobile Phone Accessories Market
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region has emerged as the largest market for the global mobile phone accessories market, with a market share of around 34.5% and 29.0 billion market revenue in 2021. Due to factors such as the increased adoption of wireless accessories, the existence of advanced technology, and an increased preference for digitization. Asia-Pacific has predicted rapid growth in the global mobile phone accessories market owing to high revenue and advancement in product technologies, which is supporting the growth of the market.
Leading players operating in the global mobile phone accessories market are:
• Apple India Pvt. ltd.
• Belkin India Pvt. ltd.
• Callmate (India) Pvt. ltd.
• Case Mate India Pvt. ltd.
• Eon Electric Ltd.
• Intex Technologies (India) Ltd.
• Moftware Infotech Pvt. ltd.
• Optiemus Infracom Ltd.
• PNY Technologies Asia Pacific Ltd.
• Samsung India Electronics Pvt. ltd.
This study forecasts revenue at global, regional and country levels from 2019 to 2030. The Brainy Insights has segmented the global mobile phone accessories market based on the segments mentioned below:
Global Mobile Phone Accessories Market by Price Range:
Global Mobile Phone Accessories Market by Product Type:
• Pop sockets
• Portable speaker
• Protective case
• Power bank
• Memory card
• Battery compartment
• Screen protectors
Global Mobile Phone Accessories Market by Distribution Channel:
• On line
About the report:
The global mobile phone accessories market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each part. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position analysis, distribution and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. We have a robust forecasting and estimating model to meet customers’ high-quality production goals in a short period of time. We provide custom (customer specific) and syndicated reports. Our repository of union reports is diverse across all categories and sub-categories of domains. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.
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