From 360 degree camera to exclusive earphone/headphones and protective cases, advancement has been taking place on a fast-track pace. All smartphone accessories are expected to continue advancements with few extra functionality to the devices. The market of mobile phone accessories provides immense opportunities to manufacturers owing to increase in the number of mobile device users. Moreover, there is also significant growth in the adoption of tablets and smartphones.
“The global market for mobile phone accessories is anticipated to record 6.6% CAGR during the forecast period.
Dynamics: Global Mobile Phone Accessories Market
Increase in the buying & usage of power banks due to its provision of convenience will drive the growth of the global mobile phone accessories market. The key factors that are driving the growth of global market for mobile phone accessories are increase in the disposable incomes, proliferation of smartphones and increase in strong distribution networks. In addition, expanding urban population and growing global population are also factors driving the global market. Lack of standardization and threat of piracy are the key factors that are restraining the growth of global market for mobile phone accessories.
Forecast & Segmentation: Global Mobile Phone Accessories
The segmentation of global mobile phone accessories market is done by region, distribution channel, and price range and product type. Based on product type, the sub-segmentation is done into protective case, memory card, charger, portable speaker, earphone/headphone and battery and others. Based on price rage, the sub-segmentation is done into premium, low and medium. Based on distribution channel, the sub-segmentation is done into online store, multi-brand store which is again broken down into independent store & organized store and single brand store. Based on region, the sub-segmentation is done into MEA (Middle East and Africa), APEJ (Asia Pacific Excluding Japan), Western Europe, North America, Japan, Eastern Europe and Latin America.
a. Power bank
The power bank segment is projected to record 8.4% CAGR throughout the forecast period. The power bank segment is expected to surpass a value of nearly US$ 16 Bn by 2027-end.
b. Protective case
The protective case sub-segment is likely to be the largest segment with regards to market value and is anticipated to surpass US$ 25 Bn by 2027-end. Additionally, this segment is expected to record 5.9% CAGR during the forecast period.
c. Portable speaker
The segment of portable speaker is considered as the second largest segment in terms of market value and is expected to record 6.9% CAGR throughout the forecast period. The sub-segment of earphone /headphone and charger are expected to lead the market along with power bank and protective case during the forecast period in terms of market value.
“The revenue input from the segment of premium price range is expected to increase at 7.0% CAGR by the end of 2027. The revenue input from the segment of online store is expected to increase at 8.2% CAGR by the end of 2027.
APEJ is expected to record 8.6% CAGR throughout the forecast period. The providers of mobile phone accessories are recommended to focus on APAC as well as North America for the expansion of their business.
Competition Tracking: Global Mobile Phone Accessories Market
Some prominent operators who have helped in shaping the market for mobile phone accessories have been profiled by Future Market Insights. The key players working in the market are inclusive of LG Electronics, Apple Inc., Philips, Sony Corporation, Panasonic, SAMSUNG and Bose Corporation.
Author: Pradnya Kulkarni is a seasoned digital marketing professional, having worked for numerous online firms in his distinguished career. He believes in continuous learning, considering that the digital marketing sector’s rapidly evolving nature. Pradnya is an avid music listener and loves to travel.
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