Dublin, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The "Mobile Accessories Industry Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global mobile accessories market is on a trajectory to achieve remarkable growth, projected to reach a substantial value of USD 148.81 billion by the year 2030, exhibiting a robust compound annual growth rate (CAGR) of 6.8% from 2023 to 2030. This growth is primarily attributed to the escalating demand for smartphones worldwide, which serve as highly effective communication tools across the globe.
Additionally, the surging desire for wireless devices, coupled with frequent technological advancements, is poised to fuel the market's expansion in the foreseeable future. For instance, the introduction of cutting-edge technologies like wireless headsets and speakers by various companies has significantly propelled market demand.
The proliferation of smartphones among teenagers has also contributed to the surge in demand for specific accessories such as mobile covers and headphones, as this demographic strives to stay updated with the ever-evolving market technologies. The realm of mobile accessories is experiencing growth due to the increased global adoption of mobile phones. In 2021, global mobile phone sales reached a staggering 1.74 billion, indicating that approximately 22.2% of the global population acquired a mobile phone that year. This growth is driven by factors such as the rapid adoption of IoT and AI technologies, alongside cutting-edge advancements in voice recognition systems, wireless audio devices, and speech recognition software integration.
In response to the escalating competition within the global mobile accessories market, manufacturers are focusing on introducing innovative features and technologies to their product lines. These encompass high-resolution video capabilities, enhanced selfies, gaming functionalities, and more. As a result, there is a growing demand for a range of accessories, including power banks, earphones, and headphones.
The COVID-19 pandemic significantly altered the market landscape, as lockdowns confined people to their homes and led to a paradigm shift in mobile phone usage behavior. Online classes and activities surged, prompting many individuals to transition from basic phones to smartphones. The pandemic's impact is evident in the numbers: in 2021, a total of 1.51 billion smartphones were sold, reflecting an increase from the previous year. Furthermore, 113 million people upgraded their mobile phones in 2021. Although the market is expected to revert to its pre-pandemic state as life returns to normal, this transition has had a positive impact on market trends during the forecast period.
The offline segment currently dominates the market share, accounting for over 69% of the overall revenue. This segment is anticipated to experience substantial growth in the coming years due to increased demand for high-value devices like smartwatches and mobile camera lenses. Additionally, perceived challenges in the delivery of fragile items further contribute to the segment's growth. Traditional shopping methods and varying prices between local retail outlets and wholesale markets also contribute to the segment's upward trajectory.
Notably, the headphone segment is projected to exhibit a CAGR of 7.3% during the forecast period. A significant trend in the mobile industry is the escalating sophistication of headphones, which in turn drives demand for connectors such as type-C USB ports cables. The fitness-conscious demographic has fueled the demand for sports and fitness headphones, while affordable headphones have gained popularity among budget-conscious consumers, especially those inclined towards increased travel.
In terms of regional dominance, Asia Pacific emerged as a frontrunner in 2022, boasting a substantial market share of approximately 46.5%. The region, particularly China, contributed significantly, accounting for 55.2% of the overall revenue in the same year. Europe held the second-largest market share, capturing around 21% in 2021. Within Europe, Western European countries like Germany and the U.K. stand out due to their strong purchasing power and fashion-conscious consumers.
Despite the substantial growth potential, the market's entry barriers are relatively moderate to low, partly due to the presence of numerous unstructured dealers. Continuous innovation, mergers and acquisitions, and collaborative ventures drive market growth. Given the dynamic nature of technology in this industry, substantial investments in research and development are a common strategy among market players seeking to maintain a competitive edge and meet evolving consumer needs.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 80 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $88.07 Billion |
| Forecasted Market Value (USD) by 2030 | $148.81 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Mobile Accessories Market Variables, Trends & Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. Mobile Accessories Market: Product Type Estimates & Trend Analysis
Chapter 6. Mobile Accessories Market: Distribution Channel Estimates & Trend Analysis
Chapter 7. Mobile Accessories Market: Regional Estimates & Trend Analysis
Chapter 8. Competitive Analysis
Companies Mentioned
- Belkin International Inc.
- Harman International
- Aukey
- Groovemade
- Anket Innovations
- Samsung
- Apple Inc.
- SanDisk
For more information about this report visit https://www.researchandmarkets.com/r/segtpc
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