The mobile phone accessories market is expected to be worth USD 86.6 billion in 2021. The market is expected to grow at a CAGR of 6.7% through 2031 and reach USD 166 billion.
The United States continues to represent 78% of total sales in North America. While China will continue to be the largest market in the region, demand from South Korea and Japan is expected to grow rapidly.
According to the report, the major accessories available in the mobile phone accessories market consist of protective case, headphones or earphones, charger, battery, memory card, power bank, portable speaker and others”.
Among these products, demand for protective cases is currently the most robust, with this segment accounting for one-fifth of the overall market in 2021. IMF expects demand for protective cases to remain strong during the period of forecast 2021-2025.
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The inability of modern smartphone batteries to withstand heavy use has led to a high demand for power banks. Due to strong demand, the power bank segment is expected to gain 230 bps over the forecast period and increase its market share from 10% in 2014 to 12.3% in 2025. Food is also expected to experience the highest CAGR, growing 9% between 2015-2025.
The key factors driving the global mobile phone accessories market include increasing number of smartphone owners and growing number of multi-brand distributors and retailers.
Smartphone sales are buoyant in emerging economies, such as China, India, Brazil and Indonesia. Smartphone shipments increased from 1.1 billion units in 2013 to 1.2 billion units in 2014. About 45% of those 1.2 billion units were shipped in China. FMI expects growing smartphone ownership to create secondary demand for products that aren’t typically included in the box, such as power banks and protective cases.
Apart from multinational brands, the smartphone segment in emerging countries also includes regional players, such as Xiaomi and Micromax. FMI’s analysis found that compared to multinational brands, these local players offer fewer mobile accessories in their offerings in an effort to keep prices competitive. Because of this, a majority of consumers purchase mobile accessories from the local market or from e-commerce sites. Rising sales of smartphones made by local manufacturers are expected to boost the mobile phone accessories market during the forecast period.
The proliferation of multi-brand distributors and retailers has given manufacturers of mobile phone accessories the opportunity to target a wider customer base. Additionally, sales of mobile phone accessories through online retailers are also contributing to the growth of the market globally. IMF expects multi-brand stores and e-commerce stores to grow over the forecast period, which is expected to boost the global mobile phone accessories market.
Although IMF maintains a positive outlook on the global mobile phone accessories market, few factors can restrain the growth over the forecast period.
The lack of rigorous control over pirated accessories is eating away at the revenue share of major players in the market. Pirated mobile accessories are offered at a fraction of the price of the original products, making it difficult for manufacturers to compete with them.
Currently, there is a lack of standardization in the technology and components used to manufacture mobile accessories. Undefined standards in the market lead to strong product and price differentiation, which can hamper the growth of the mobile accessories market to some extent.
Key trends analyzed by FMI in the global mobile phone accessories market include rising demand in Asia and wave of mergers and acquisitions. Product portfolio diversification and product advancement are the other major trends in the global mobile phone accessories market.
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Mobile Phone Accessories Market by Category
type of product
• Power banks
• Data cables
• Brackets and Holders
• Selfie stick
• Others (stylus)
Type of packaging
• Folding cartons
• Clear display areas
• Pouches and bags
• Bandage packs
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• By brands
• By third parties
• By white brands/unnamed brands
• Points of sale (multi-brand points of sale)
• Electronic shops
• Franchised points of sale
• Exclusive stores (brand stores)
• North America
• Latin America
• East Asia
• South Asia
• Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market.
This press release was published on openPR.