The
mobile phone accessories market consists of a wide range of products that enhance
the functionality of mobile phones. Accessories such as protective cases,
screen guards, power banks, and earphones are in high demand as they help
protect smartphones and provide extended usability. Features like wireless
connectivity and portable power storage are driving the popularity of
accessories.
The Global Mobile Phone Accessories Market is estimated to be valued at US$
122.96 Billion in 2024 and is expected to exhibit a CAGR of 7.3% over the
forecast period 2024 to 2031. Mobile phone accessories offer various advantages
like device protection, enhanced audio/visual experience, and extended battery
life. Rapidly growing sales of smartphones along with declining prices have
fueled the adoption of value-adding accessories. Increased urbanization and
rising spending power in developing nations have boosted the market
significantly.
Key Takeaways
Key players operating in the mobile phone accessories are Panasonic
Corporation, JVC Kenwood Corporation, Sennheiser Electronic GmbH and Co. KG,
Energizer Holdings, Inc., Sony Corporation, Plantronics, Inc., Samsung
Electronics Co., Ltd., BYD Co Ltd., Apple Inc., and Bose Corporation.
Protective phone cases dominated the market and are expected to retain their
top position throughout the forecast period.
The growing India
Mobile Phone Accessories Market Demand for mobile phones has boosted
the sales of associated accessories significantly. According to industry
estimates, over 350 million smartphone users were added worldwide in 2020
alone, indicating immense potential for future growth. Continuous technology
upgrades and falling device prices are making smartphones more affordable which
is driving the demand for value-adding accessories.
The market is witnessing increased globalization with expanding regional
distribution networks and cross-border sales. Leading manufacturers are
focusing on emerging economies in Asia Pacific and Latin America which account
for over 60% of the world’s population. The ease of online shopping and rising
internet penetration in developing nations have made global expansion easier
for accessories brands.
Market Key Trends
Portable power banks are gaining immense popularity driven by the trend of
powered-on lifestyles and power-hungry devices. Features like high battery
capacity, fast charging support, and compact design are enhancing the appeal.
Wireless charging technology is revolutionizing the accessories space by
eliminating wires and facilitating hassle-free powering of devices. Leading
players are launching innovative multi-device and flash charge enabled power
solutions to cater to evolving needs.
Porter’s
Analysis
Threat of new entrants: The mobile phone accessories market has high initial
investment costs for production, distribution and marketing which make it
difficult for new companies to enter the market.
Bargaining power of buyers: Buyers have high bargaining power in this market as
there are many established brands to choose from and the products do not differ
much. Buyers can negotiate on price and demand better offers.
Bargaining power of suppliers: The components used in manufacturing mobile
phone accessories are highly specialized requiring technical expertise.
However, there are enough component suppliers globally so individual suppliers
have low bargaining power.
Threat of new substitutes: There exists potential threat from new substitute
products and technologies. However, most accessories complement mobile phones
rather than replace them.
Competitive rivalry: Being a mature market, competition is high among
established brands. They continuously invest in new product development and
brand building to gain market share.
Geographical regions
The Asia Pacific region accounts for the largest market share currently. China
is the leading manufacturer of mobile phone accessories globally. North America
and Europe are other major value contributing regions.
The fastest growing market for mobile phone accessories is expected to be Latin
America till 2024 due to rising per capita income and high adoption of
smartphones in the region especially in Brazil. Emphasis on low cost
accessories will drive further growth here.
Get more insights on India
Mobile Phone Accessories Market
About Author:
Ravina Pandya, Content Writer, has a strong foothold
in the market research industry. She specializes in writing well-researched
articles from different industries, including food and beverages, information
and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
