The Global Mobile Phone Accessories Market, By Product Type (Battery, Charger, Headphone/Earphone, Memory Card, Portable Speaker, Protective Case and Others), By Price Range (Premium, Mid, Low) By Distribution Channel (Multi-brand Store (Organized Store, Independent Store), Single Brand Store and Online Store) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027”, is expected to be valued at US$ 139,104.18 million by 2027, exhibiting a CAGR of 7.0% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Mobile phone accessories are external hardware tools that are designed as an integral part of a mobile smartphone by the manufacturer. Increasing Internet penetration is surging online retailing trends in the mobile accessories market due to the convenience of cash on the delivery payment options and various discounts offered by e-retailers for products. This is expected to catalyze growth of the global mobile phone accessories market. Different mobile phone accessories include protective cases, USB cables, headphones, data cables, Bluetooth headsets, power banks, screen protectors, mobile chargers, etc.
The global mobile phone accessories market was valued US$ 41.1Mn in 2019 and expected to reach US 138.3 Mn by 2027
Growing urban population is expected to boost the global mobile phone accessories market growth over the forecast period
Urban population across the globe has increased massively, which is characterized by urban upper class and high net worth individuals. As a result of this, the demand for advanced mobile accessories has increased such as power banks and premium headphones. Furthermore, rapid migration from rural to urban areas, especially in Indonesia and China are expected to support growth the global mobile phone accessories market in the near future. According to UN statistics, 54% of the world’s population resided in urban areas in 2014; this is projected to increase to 66% by 2050.
Robust distribution network can present major business opportunities for market players
Key companies in the market can focus on strengthening distribution channels such as multi-brand distributors and mobile accessories, in order to gain a competitive advantage and expand the consumer base. Online retailing has gained significant traction in emerging economies such as Indonesia, Brazil, China, and Russia. According to Coherent Market Insights’ analysis, in Asia e-commerce sales have witnessed a growth of 36% reaching US$ 615 Bn in 2014 as compared to that in 2013.
Presence of counterfeit products is expected to restrain growth of the global mobile phone accessories market during the forecast period
The major restraining factor for the market is the presence of counterfeit products. Such products are highly prevalent in emerging economies such as China and India. Since these products require shoddy components to manufacture that are available at a cheap rate, these products have gained significant popularity in the aforementioned countries. As a result of this, market share for standard and high-quality products are expected to decrease and thereby restrain growth of the global mobile phone accessories market growth in the near future.
Design innovation and introduction of smart accessories, especially in the U.S. and Canada are expected to continue in the future. Demand for power banks is high in North America due to the constant influx of people due to work-related activities. The trend is expected to continue over the forecast period.
Portable speakers are high in demand in Latin America, especially in Brazil and Mexico and the trend is expected to continue over the forecast period. Rising disposable income and smart phone penetration is projected to boost growth of the Latin America mobile accessories market during the forecast period.
Premium mobile phone accessories are gaining traction, especially in Germany, France and the U.K. due to growing disposable income and high fashion sense in the region. Purchase of mobile phone accessories through online channels are gaining popularity in Western Europe due to high penetration of mobile broadband in the region.
Mid-priced mobile phone accessories are widely preferred in North Africa, especially in Nigeria and Egypt. The demand for premium brand mobile phone accessories is gaining traction in GCC countries such as in UAE, Saudi Arabia, Kuwait and Qatar and is expected to increase significantly in the near future.
Major companies involved in the global mobile phone accessories market are Panasonic Corporation, JVC Kenwood Corporation, Sennheiser Electronic GmbH & Co. KG, Energizer Holdings, Inc., Sony Corporation, Plantronics, Inc., Samsung Electronics Co., Ltd., BYD Co Ltd., Apple Inc., and Bose Corporation.