Market Insights:
The large-scale penetration of mobile phones has boosted the sales of mobile accessories in the recent times. The increased product offerings in the mobile accessories market are set to accelerate demand generation over the next few years. Market Research Future (MRFR) has revealed in its latest report that the global mobile accessories market is set to proliferate at 6% CAGR during the forecast period 2016 to 2022. The report also prognosticates that the market valuation will reach USD 104 Bn by the end of 2022.
Product innovation has been the key driver of demand in recent times and is likely to continue generating demand across the assessment period. The expansion of product line for enhancing the user experience with earphones, turbochargers, power banks, etc. will accelerate the market growth over the next few years. Furthermore, the products being made available in the Mobile Accessories Industry for safeguarding the expensive smartphones will encourage the market expansion.
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The dependence on mobile phones coupled with the adoption of digitalization will favor the market growth and expansion. Furthermore, the growth in e-commerce and e-banking industries are also expected to boost the growth of the mobile accessories market. The efficiency and convenience offered by the wireless mobile accessories such as Bluetooth headsets, and, wireless charger among others will catalyze the revenue generation of the market.
The factors responsible for hampering the global accessories market growth and expansion are user preference over mobile accessories and security issues in online shopping.
Key Players
The prominent players in the market of Mobile Accessories are- Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan), Panasonic Corporation (Japan), Apple Inc. (U.S.), JVC Kenwood Corp. (Japan), Plantronics, Inc. (U.S.), Bose Corporation (U.S.), Griffin Technology (U.S.), Otter Products, LLC (U.S.), Sennheiser Electronics GmbH & Co. KG (Germany) among others.
Market Segmentation:
- By product, the global mobile accessories market is segmented into headphone/earphone, protective cases, power bank, and, portable speakers.
- By distribution channel, the mobile accessories market has been segmented into Online, and, Offline.
- By price range, the mobile accessories market is segmented into premium, medium, and, low.
Regional Analysis:
By region, the global mobile accessories market is segmented into North America, Europe, Asia, and, Rest of the World (ROW). Asia Pacific is the most lucrative market for mobile accessories and is likely to continue its dominance over the next few years. The penetration of the mobile phone market is the highest in India and China which also accounts for a major share in the global production of mobile phones and accessories. The demand for mobile accessories will accelerate throughout the assessment period in the region. Furthermore, government initiatives undertaken for promoting digitalization coupled with increased use of the internet will further encourage the market growth.
North America holds the second spot in the global market. The increase in demand for mobile accessories is attributable to the catapulted growth of the mobile phone market. The early adoption of smartphone technology is likely to boost the mobile accessories market growth across the projection period. Furthermore, the concentration of prominent players in the region will also favor the growth and expansion of the North America market.
Europe will thrive across the assessment period due to its inclination towards mobile phone technology and developments introduced by the key players present in the region. The region is expected to exhibit a surge in demand for mobile phones and mobile accessories. Rest of the World will exhibit sluggish growth owing to limited technological penetration in African regions.
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