The mobile phone accessories market was valued at US$ 72.9 billion in 2017, and is expected to increase to US$ 132.6 billion by 2026, registering a CAGR of 5.8% over the forecast period from 2018 to 2026. Mobile Phone Accessories Market Report, by Product Type (Headphone, Portable Speaker, Protective Case, Bluetooth, Power Bank, and Others), by Distribution Channel(Online and Offline), by Price Range(Premium, Medium and Low),and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa).
Increasing adoption of E-commerce websites and E-banking are responsible for high demand for smartphones worldwide, which is expected to further contribute to growth of the mobile accessories market. For instance, according to India Brand Equity Foundation Organization, in 2016, e-commerce industry in India, generated revenue of US$ 15 billion and is projected to reach US$ 188 billion by 2025. The factor responsible for increasing usage of E-commerce websites is high number of internet users and facility of E- commerce websites to offer shopping at anyplace and anytime. For instance, according to the Internet World Stats, total number of internet users in 2016 was 3.18 billion in 2015 and it increased to 3.42 billion in 2016.
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Key Trends and Analysis of the Global Mobile Phone Accessories Market:
- Asia Pacific held a dominant position in the mobile accessories market and is expected to exhibit the highest CAGR during the forecasted period. Increasing number of smartphone users in the emerging economies is one of the key factors driving growth of the mobile phone accessories market. For instance, according to the analysis, in China, the number of smartphone users in 2017 was 1.3 billion; while in India the number was close to 530 million. The factors such as high internet usage, switching from conventional brick store business model to e-commerce model, e-banking activities, and engaging in various digital endeavors, and others are responsible for increasing number of smartphone users.
- Moreover, increasing trend of online shopping on smartphones is major factor responsible for high demand of smartphones in the U.S. For instance, according to the analysis, in 2012, the U.S. consumers spent US$7.8 billion in retail purchases on their smartphones with an increase to US$60.2 billion in 2016, and is expected to reach US$175.4 billion in 2022. Therefore, such factors are expected to drive growth of the mobile phone accessories in the region over the forecast period.
- The protective case segment is expected to witness significant growth with highest CAGR during the forecast period, owing to growing concern of consumers to protect mobile phones from scratches, cracks, water spill, heat, dust particles, and others. Furthermore, the mobile phone protective cases are launched regularly with wide variety of designs along with affordable price. Therefore, the increasing concern of consumers for protecting the mobile from damage will inadvertently force the smartphone manufacturing company to launch their own protective case for mobile. For instance, in May 2018, Oneplus launched a silicon-based mobile protective case for onplus6. Similarly, in August 2018, Nokia Corporation launched the new flip cover for the Nokia 2.1 simply called Nokia Entertainment Flip Cover. This protective case is made from polycarbonate material and offers maximum durability.
- Major players operating in the global mobile phone accessories market include, Samsung Electronics Co., Ltd, Sony Corporation , Panasonic Corporation, Apple Inc., JVC Kenwood Corporation, Plantronics, Inc., Bose Corporation, Griffin Technology , Otter Products, LLC, Sennheiser Electronics GmbH & Co. KG