Overview
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.
Market Statistics:
The global mobile phone accessories market is expected to surpass US$ 151,974.2 Mn in terms of value by the end of 2028.
Market Driver
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.
Market Opportunity
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.
Global Mobile Phone Accessories Market: Recent Developments
- In April 2021, Realme, a China based smartphone manufacturing company launched, Cobble Bluetooth Speaker, company’s first portable Bluetooth speaker with Bluetooth 5.0 connectivity option.
- In June 2021, Sony Corporation, a Japan based consumer electronics company lunched SRS-XB13 Extra Bass Portable Wireless Speaker with Bluetooth connectivity and IP67 dust and water resistance.
- In April 2021, Apple Inc., a US based technology company launched Apple MagSafe Battery Pack, a wireless power bank for Apple iPhone 12 series.
- Key market players are involved in capacity and business expansion, in order to enhance the market presence. For instance, in December 2019, BYD Co Ltd., a China-based electronics company, announced to establish its manufacturing unit in Chennai, India.
- Major market companies are focused on product launches, in order to expand product portfolio. For instance, in August 2018, Bose Corporation introduced Bose SE2W Bluetooth headphone Bose Soundlink Mini Bluetooth speaker, and Bose Quiet Comfort 20 Noise cancelling earplugs.
Market Restraint
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.
Global Mobile Phone Accessories Market - Impact of Coronavirus (Covid-19) Pandemic
The global mobile phone accessories market witnessed significant decline due to the COVID-19 pandemic outbreak. With China being one of the largest market in mobile phone accessories as well as origin of the COVID-19 outbreak, the global market witnessed major negative impact. Furthermore, many countries have adopted stringent nationwide lockdown policies and restrictions on international travel. However, with many organizations adopting work-from-home policies, the demand for mobile phone accessories has increased. The accessories such as Bluetooth headphones, Bluetooth speakers, earphones, chargers, power banks, and more have witnessed high demand worldwide. Besides, many countries have started easing COVID-19 regulations, which is expected to accelerate the market growth.
Key Takeaways:
- The global mobile phone accessories market was valued at US$ 86,612.6 Mn in 2020 and is forecast to reach a value of US$ 151,974.18 Mn by 2028 at a CAGR of 7.3% between 2021 and 2028.
- The Multi-Brand segment was valued US$ 34,655.4 Mn in 2020 and is expected to witness a CAGR of 6.2% over the forecast period.
Market Trends
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.
Competitive Section
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.
