The global mobile accessories market Forecast size is predicted to touch USD 6,780.6 million by 2025, as per the latest report by Market Research Future (MRFR). It can exhibit a remarkable CAGR over the forecast period (2020-2027). Mobile accessories are add-ons that accentuate the appearance of portable devices and reflect the style of the user. They are being sold in high number owing to the proliferation of online channels and expendable income levels of users. The COVID-19 outbreak and its impact on the market is covered in great detail.
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Market Scope
The global Mobile Accessories Market Forecast can reach USD 6,780.86 million by 2025. It can display 8.09% CAGR over the forecast period.
The market is expected to experience heavy demand due to purchase of mobile phones. The hybrid work model practiced by modern consumers and the need for prompt action by corporations to cater to clients has led to a flurry of sales. Identification of right demographics due to spending levels can prove to be lucrative for manufacturers in the long run. Developments in power banks and increase in charging capacity has garnered heavy interest among multiple device users.
COVID-19 Impact
The COVID-19 pandemic did have an effect on the market in 2020 due to the pandemic restricting sale and transport of accessories. But the relaxation of norms and opening of consumer electronic shops can resurge sales of the market.
Segmentation
By price range, the market has been segmented as low, medium, and premium. The medium segment is expected to dominate the market; while the low segment is expected to register the highest CAGR during the forecast period. The medium price range segment provides technologically advanced mobile accessories. Increasing purchase of smartphones due to rise in spending levels can bode well for the market. Procurement of wireless headphones and speakers will favor the segment.
By distribution channel, the market has been divided into online and offline segments. The offline segment is expected to dominate the market with higher market share; while the online segment is expected to achieve the highest CAGR during the forecast period. The higher growth of the online segment is due to the increased share in the E-commerce market. Sellers on online marketplaces can reach a large number of customers due to the penetration of the internet and changing attitudes of customers.
Competitive Analysis
JVC Kenwood Corp., HTC Corporation, ASUSTeK Computer Inc., Panasonic Corporation, Otter Products, LLC, TCL Communication, Huawei Technologies Co., Ltd., Apple Inc., Griffin Technology, Lenovo Group Limited, Sennheiser Electronics GmbH & Co. KG, Sony Corporation, Plantronics, Inc., Samsung Electronics Co., Ltd., and Bose Corporation are key players in the global mobile accessories market. Development of new products is the primary strategy of players to gain the competitive edge.
Regional Analysis
APAC is expected to dominate the global Cell Phone Accessories market owing to China and production facilities in the country. Development of accessories made from other than plastic at economical rates can drive the market demand. Huge number of smartphone users and disposable income levels can bode well for the market. Demand for protective and wireless accessories is likely to create new opportunities.
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