DUBLIN--(BUSINESS WIRE)--The "Mobile Phone Accessories Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global mobile phone accessories market stood at USD 81.4 billion in 2019 and is anticipated to reach USD 152.03 billion by 2029, at a CAGR of 6.3% during the forecast period of 2021 to 2029.
Population is expected to reach at 9.6 Bn globally by end 2050 (UN data). Due to increasing population, preference of general populace towards mobile accessories has also increased. In developing nations such as Asia Pacific and Middle East because of growing population the demand of mobile phones accessories is expected to boost further market. India's population has crossed over 1.2 billion people out of which 50% of the country's population is under 25 year old. Over 65% of the population is under 35 years.
Presently, mobile phone accessories are highly demanded by smartphone users all across the globe. The mobile phone accessories market is majorly dependent upon the penetration of smartphones all over the world. Over the next few years, the smartphone market is expected to attain remarkable growth due to rising necessity and online shopping trends. Significant reduction in selling prices of smartphones, rising trends of online video streaming, increasing access to social networking, and related is likely to proper the demand for smartphones which will positively impact the growth of the mobile phone accessories market during the forecast period.
New Applications Promising Immense Opportunities
The mobile phone accessories market offers immense opportunities to manufacturers due to large number of mobile device users and substantial growth in adoption of smartphones and tablets. This is further being supported by a steady decline in smartphone prices across the globe. Escalation in disposable income has transformed consumers' buying and spending pattern, especially in urban areas. Adoption of mobile device among the youth across the globe provides robust stimulus for growth of the market. Besides this, increasing internet penetration is surging online retailing trend in the mobile accessories market due to convenience of cash on delivery payment option and various discounts offered by e-retailers for products. This is expected to catalyze growth of the global mobile phone accessories market.
Pandemic Remains the Game changer
On the basis of sales channel segmentation of mobile phone accessories market, the report segments market on the basis of multi-brand store, single-brand store, online store. Online stores accounted for the largest revenue in the mobile phone accessories market by sales channel in 2020, primarily attributed the impact of COVID-19 that set lockdown in various countries across the globe. Prior to COVID-19, Multi-brand stores had the highest percentage share of the market. Multiple brand store facilitates consumer convenience and group purchase advantage. Single-brand stores such as Apple stores which offer premium accessories specifically designed around their individual brands accounted for the third largest share in 2020.
Market Penetration in Asia Pacific
The increasing movement of people from rural to urban areas, rising disposable income of households, and changing lifestyles especially in Asian countries such as China and India are anticipated to impel the growth of the global mobile phone accessories market between 2019 and 2029. The availability of trendy and fashionable mobile phone covers, stylish and colorful earphones, rising battery, and charger replacements will stimulate the demand for mobile phone accessories across the globe in the next few years. Asia Pacific mobile phone accessories market dominated with the maximum revenue share in the total revenue of the global mobile phone accessories market by region in 2019. Over the next few years, Latin America, and Middle East & Africa as well as the Eastern European mobile phone accessories market is anticipated to prosper at a strong CAGR till 2028. This is majorly due to rising urbanization along with changing demographics and increasing personal disposable income in the mentioned regions. The mobile phone accessories market is extremely fragmented and characterized by the presence of both domestic and global players.
Market Dynamics
Drivers
- Increasing population and Rising income
- Rising Disposable income is expected to boost Mobile Phone Accessories demand
- Growth in Emerging Economies
- Increased demand of smartphones
- Wireless smartphone accessories
- Advancements in image and photographs accessories
- Emergence of e-commerce shopping websites
- Strong distribution channels
- Social trends
- Technological Advancements
- Social Media
- Decrease in the Prices of Smartphones
Restraints
- Price competition from Chinese suppliers reducing margins
- Lack of standardization and Brand awareness
- Privacy threat
- Hearing disability
- Competition between the key manufacturers
- Lower adoption of smartphones in the rural areas
- Irregularities in power distribution
- Other problems related restraining growth of mobile accessories market
Companies Mentioned
- Sony
- Zagg
- Samsung
- Apple
- Griffin
- Bose
- Beats
- SanDisk
- Jabra
- BYD Electronics
- Energizer Holding Inc
- LG Chem Power Inc
- HTC Inc
- Panasonic
- Otter
- Pelican Products
- BodyGuardz Products
- Plantronics
- JVCKENWOOD
- Strontium Technology
- Transcend Information
- iLUV Creative Technology
- Logitech
- Philips
For more information about this report visit https://www.researchandmarkets.com/r/d00m45
