The anticipated trends suggest a forthcoming upswing in the Mobile Phone Accessories Market, driven by the widespread embrace of social networking apps by consumers. Projections indicate that the mobile phone accessories sector in the United States is poised for a robust compound annual growth rate (CAGR) of 4.7% spanning the period from 2023 to 2033.
The mobile phone accessories market is anticipated to be worth $97,996.3 million in 2023. The market is anticipated to grow at a CAGR of 6.8 % through 2033 and reach US$ 189,807.7 million.
78 percent of all sales in North America are still made in the United States. While China will still be the region’s biggest market, demand is expected to increase significantly in South Korea and Japan.
The survey claims that a protective case, headphones or earbuds, a charger, a battery, a memory card, a power bank, a portable speaker, and “others” are the most popular mobile phone accessories on the market.
Protective cases are currently in high demand among these items, and in 2021, this market segment will make up one-fifth of the entire market. During the projected period of 2021–2025, FMI anticipates a continued robust demand for protective cases.
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Inability of modern-day smartphone batteries to withstand heavy usage has led to robust demand for power banks. Owing to stellar demand, power bank segment is expected to gain 230 BPS during the forecast period, and increase its market share from 10% in 2014 to 12.3% in 2025. Power bank segment is also expected to witness the highest CAGR, growing at 9% between 2015-2025.
The key factors that are driving the global mobile phone accessories market include rising smartphone ownership and mushrooming of multi-brand distributors and retailers.
Smartphone sales are buoyant in emerging economies, such as China, India, Brazil, and Indonesia. Smartphone shipments increased from 1.1 Bn units in 2013 to 1.2 Bn units in 2014. Around 45% of these 1.2 Bn units were shipped to China. FMI expects the rising smartphone ownership to create secondary demand for products that are not usually included in the box, such as power banks and protective cases.
In addition to multination brands, the smartphone segment in emerging nations also includes regional players, such as Xiaomi and Micromax. FMI’s analysis revealed that compared to multinational brands, these local players offer fewer mobile accessories in their offerings in a bid to keep the prices competitive. Owing to this, a majority of consumers buy mobile accessories from the local market or from e-commerce sites. Increase in the sales of smartphones made by local manufacturers is expected to provide an impetus to the mobile phone accessories market during the forecast period.
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The emergence of multi-brand distributors and retailers has allowed manufacturers of mobile phone accessories to reach a wider audience. Additionally, the selling of mobile phone accessories through online retailers is boosting the market’s expansion on a global scale. During the projection period, FMI anticipates that both multi-brand stores and e-commerce stores would grow, which is projected to boost the global market for mobile phone accessories.
Few reasons can impede the expansion throughout the projection period, despite the fact that FMI continues to have a favourable outlook on the global market for mobile phone accessories.
Lack of stringent checks on pirated accessories is eating into the revenue share of key stakeholders in the market. Pirated mobile accessories are offered at a fraction of the price of original products, making it difficult for manufacturers to compete with them.
Currently, there exists a lack of standardization in technology and components used for manufacturing mobile accessories. Undefined standards in the market lead to high product and price differentiation, this may hinder growth of the mobile accessories market to some extent.
The key trends analysed by FMI in the global mobile phone accessories market include growing demand in Asia and spate of mergers and acquisitions. Diversification of product portfolio and product advancement are the other major trends in the global mobile phone accessories market.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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