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 is expected to surpass US$ 151,974.2 Mn in terms of value by the end of 2028.
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.
Global Mobile Phone Accessories Market: Recent Developments
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.
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.
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.
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