Originally published on Technavio:Mobile Phone Accessories Market Analysis 2024-2028.
The projected growth in the mobile phone accessories market is USD 34.21 billion, with a CAGR of 5.18% from 2023 to 2028. This expansion is influenced by factors such as advanced functionalities in smartphones, the rising popularity of wireless accessories, and the proliferation of affordable smartphones.
Key Players:
The competitive landscape analysis features details on ten market companies, including Apple Inc., Bose Corp., Callmate India Pvt. Ltd., Case Mate Inc., Hon Hai Precision Industry Co. Ltd., HP Inc., Intex Technologies India Ltd., JVCKENWOOD Corp., Koninklijke Philips N.V., LG Electronics Inc., Logitech International SA, Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Sennheiser Electronic GmbH and Co. KG, Skullcandy Inc., Sony Group Corp., Vinci Brands LLC, and Xiaomi Communications Co. Ltd. Additionally, Anker Technology UK Ltd. offers mobile phone accessories such as power banks, chargers, cables, hubs and docks, wireless chargers, and more.
Market Overview:
Market Growth Driver:
The increasing preference for wireless mobile phone accessories is a crucial driver. The market witnesses a growing inclination towards wireless mobile phone add-ons, driven by the convenience they offer. Wireless accessories provide portability without the constraints of wires, contributing to their popularity. The demand for wireless accessories such as chargers, headphones, earphones, speakers, and power banks is on the rise, fostering market growth during the forecast period.
Market Trends:
The market experiences a trend towards the heightened use of social networking applications, impacting the demand for mobile phone accessories. Users engaging with platforms like Instagram, TikTok, and Snapchat fuel the desire for accessories that enhance the social media experience. Items like phone holders, selfie sticks, and improved camera lenses cater to users creating content for social media. Additionally, the demand for wireless earbuds and headphones rises with the increasing consumption of content on platforms like YouTube and podcasts, contributing to market growth.
Market Restraint:
A challenge affecting market growth is the declining demand for mobile phone batteries and SD cards. This decline results from mobile phone OEMs incorporating inbuilt batteries and higher internal memory in their products. The preference for non-removable batteries and internal memory, offering compact designs and better operational efficiency, negatively impacts the market growth of mobile phone batteries and SD cards during the forecast period.
Market Segmentation By Distribution Channel:
The offline segment is expected to be significant during the forecast period. Offline distribution channels involve product sales through retail outlets, with hypermarkets and supermarkets gaining popularity. Department stores, offering a variety of premium mobile phone accessories, contribute to the growth of the offline segment. The availability of a diverse product range in department stores drives segment growth, and the offline segment's revenue is expected to rise during the forecast period.
Market Segmentation By Product:
Protective cases for mobile phones, including slim and transparent covers, are a prominent product segment. These cases provide robust protection against accidental bumps and drops and are made from various materials such as silicone, carbon fiber, plastic, metal, and leather. The protective cases segment is anticipated to witness growth due to increased partnerships among manufacturers and mobile phone OEMs. Manufacturers, including Apple, frequently offer new battery-integrated protective cases, contributing to the growth of this segment.
Regional Overview:
APAC is estimated to contribute 67% to the global market growth during the forecast period. The APAC mobile phone accessories market experiences growth due to heightened demand for smartphones and tablets in countries like India, China, and Southeast Asian nations. Factors such as robust telecom infrastructure development, budget-friendly smartphone options, and innovation by Chinese manufacturers contribute to market expansion. Japan and South Korea observe demand for premium devices, and high internet penetration fosters competition in the region. These factors collectively drive market growth in APAC.
Market Customer Landscape:
The market forecasting report includes the adoption lifecycle, covering stages from innovator to laggard, and focuses on adoption rates across regions based on penetration. The report also provides insights into key purchase criteria and drivers of price sensitivity to assist companies in evaluating and developing their market growth strategies.
Market Companies:
Companies are employing diverse strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their market presence. AUKEY Online is one such company, offering a range of mobile phone accessories, including wireless chargers, power banks, audio collections, wall chargers, cable collections, phone cases, screen protectors, and more.
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The market research report forecasts revenue-based market growth globally, regionally, and at the country level from 2018 to 2028. It includes an analysis of the latest trends and growth opportunities, covering distribution channels, products, and regions.
The market showcases a robust compound annual growth rate (CAGR) fueled by the increasing reliance on smartphones and wireless devices. Wireless headsets witness high demand, especially with the rise of remote work setups. Despite lockdown measures, sales surge, driven by increased time spent at home, prompting consumers to invest in accessories for various activities. Teenagers significantly contribute to sales, particularly in the mobile covers segment. The online segment experiences rapid growth, capitalizing on internet penetration in rural areas and offering convenient delivery for young working consumers. Wireless devices continue to dominate the market, emphasizing the importance of safety and security and catering to evolving consumer preferences.
