Newark, Aug. 01, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global mobile phone accessories market is expected to grow from USD 84.1 billion in 2021 to USD 157.3 billion by 2030, at a CAGR of 7.20% during the forecast period 2022-2030.
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The increasing young working population has also pushed the market development to the next level in current times. Transforming the perspective of the customer has also impacted market growth. The women consumer group often chooses to switch phone covers, affecting the overall market development. Additionally, the men customer group likes to change additional accessories such as fast-chargers and headphones. The point is that the products make mobile phones' use more effortless and smoother, making them famous. For example, the launch of smartwatches has made it easier to see notifications and calls without checking the mobile phone. The invention of power banks has made it simpler for customers who use smartphones and travel often.
Competitive Strategy
To enhance their market position in the global mobile phone accessories market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Beats (Apple) presented collar earphones that operate through Bluetooth, deliver noise cancellation, and can play for eight hours during a single charge.
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Market Growth & Trends
The increased need for wireless accessories pushes the mobile phone accessories market development. The rise in demand is due to the shift in consumer choices to hear music on portable devices, like tablets and smartphones. Music is readily obtainable via music streaming platforms, including SoundCloud and YouTube. The need for mobile phone accessories has grown due to an expansion in per capita income and the popularity of social networking sites in metropolitan areas. An upsurge in internet penetration also expands the online retailing platform in addition. Regardless, excessive usage of headphones impacts the hearing capability of the consumer, which limits the market growth. Quick technological advances, including the execution of noise-canceling technology, built-in fan, light in selfie sticks, and Bluetooth/NFC speakers, are anticipated to propose lucrative development prospects. However, taxes on imports and exports among top manufacturing countries result in substantial transformations in the global technological landscape. The future market unpredictability limits the companies from funding and decreases development speed. Similarly, the mobile phone accessories market is succeeding due to the high adoption of mobile phones worldwide.
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According to the survey, the absolute number of smartphone shipments in Q3 of 2019 hit 352.4 million units. Growing penetration of AI & IoT technologies, plus innovative technological progress in voice recognition systems, clip-on headphones, wireless audio products, and exact integration of speech recognition software, are propelling the global market's growth.
• In 2021, the premium segment accounted for the largest share of the market, with 34% and a market revenue of 28.5 billion.
The price range segment was divided into mid, low, and premium in 2021; the premium segment accounted for the largest market share, with 34% and market revenue of 28.5 billion. Changing lifestyles and an increase in the buying power of customers have created a preference for premium products. Globalization and financial growth, particularly in developing countries, are also proposing lucrative opportunities for different companies to capitalize and strengthen their market position.
• In 2021, the protective cases segment accounted for the largest share of the market, with 12% and a market revenue of 10.09 billion.
The product type segment is divided into popsockets, headphone/earphone, portable speaker, battery, protective case, power bank, charger, memory card, battery case, screen guards, and others. In 2021, the protective cases segment accounted for the largest share of the market, with 12% and market revenue of 10.09 billion. Mobile phones are delicate to operate and are exposed to physical damage; the requirement for protective accessories like tampered glasses, screen guards, and protective cases increases segment growth.
• In 2021, the offline segment accounted for the largest share of the market, with 62% and a market revenue of 52.1 billion.
The distribution channel segment is divided into online & offline. In 2021, the offline segment accounted for the largest share of the market, with 62% and market revenue of 52.1 billion. The segment growth is the traditional way of shopping and the disparity in price in local retail outlets and other wholesale markets.
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Regional Segment Analysis of the Mobile Phone Accessories Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global mobile phone accessories market, with a market share of around 34.5% and 29.0 billion of the market revenue in 2021. Due to the factors such as increased adoption of wireless accessories, the existence of cutting-edge technology, and increased preference towards digitalization. Asia-Pacific has projected rapid growth in the global mobile phone accessories market due to high- income and advancements in product technologies, which support the market growth.
Key players operating in the global mobile phone accessories market are:
• Apple India Pvt. Ltd.
• Belkin India Pvt. Ltd.
• Callmate (India) Pvt. Ltd.
• Case Mate India Pvt. Ltd.
• Eon Electric Ltd.
• Intex Technologies (India) Ltd.
• Moftware Infotech Pvt. Ltd.
• Optiemus Infracom Ltd.
• PNY Technologies Asia Pacific Ltd.
• Samsung India Electronics Pvt. Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global mobile phone accessories market based on the below-mentioned segments:
Global Mobile Phone Accessories Market by Price Range:
• Mid
• Low
• Premium
Global Mobile Phone Accessories Market by Product Type:
• Popsockets
• Headphone/Earphone
• Portable Speaker
• Battery
• Protective Case
• Power Bank
• Charger
• Memory Card
• Battery Case
• Screen guards
• Others
Global Mobile Phone Accessories Market by Distribution Channel:
• Online
• Offline
About the report:
The global mobile phone accessories market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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