Market Forecast for Mobile Phone Accessories through 2026
The global mobile phone accessories market was valued at $224.69 billion in 2018, and is expected to increase at a CAGR of 3.1 percent from 2019 to 2026, to reach $284.06 billion. In today’s world, the mobile phone is an important and indispensable tool. The mobile phone accessories market is primarily driven by the increased popularity of smartphones, which provide excellent connectivity to the digital world. The industry is also growing due to an increase in demand for wireless accessories. Customers’ tastes for listening to music on portable devices such as smartphones and tablets have changed, resulting in an increase in demand.
The expansion of the mobile phone accessories market is fueled by an increase in demand for wireless devices. Customers’ tastes for listening to music on portable devices such as smartphones and tablets have changed, resulting in an increase in demand. Music streaming sites such as YouTube and SoundCloud make music easily accessible. Due to an increase in disposable money and the popularity of social networking sites in metropolitan areas, demand for mobile phone accessories has surged. Furthermore, as internet usage rises, so does the online selling platform. Excessive usage of headphones, on the other hand, impairs users’ hearing abilities, limiting market growth. Rapid technical improvements, including as noise cancellation, Bluetooth/NFC speakers, and selfie sticks with a built-in fan and light, are projected to provide profitable growth prospects in the near future. Tariffs on imports and exports imposed by leading manufacturing countries, on the other hand, result in considerable changes in the global technical environment. Companies are hesitant to invest and slow down their development because of future market uncertainties.
Panasonic Corporation, Sennheiser Electronic GmbH & Co. KG, Sony Corporation, Samsung Electronics Co., Ltd., Apple Inc., Bose Corporation, BYD Co Ltd., Plantronics, Inc., Energizer Holdings, Inc., and JVC Kenwood Corporation are the major participants in the global mobile phone accessories industry. To obtain market share in the mobile phone accessories industry, major players invest extensively in producing novel accessories.
Overview of the Segment
The global mobile phone accessories market is segmented into product type, distribution channel, price range, and geography, with each category evaluated separately. The battery, headphone/earphone, portable speaker, charger, memory card, power bank, battery case, protective case, screen guards, popsockets, and other product types make up the market (USB cable and selfie stick). It is divided into online and offline distribution channels. It is divided into three pricing ranges: premium, mid, and inexpensive. The market is divided into four regions: North America, Europe, Asia-Pacific, and Latin America and the Middle East (LAMEA).
The use of smart phones is increasing.
Mobile phones’ rapid technical growth in the twenty-first century has led to their adoption as a utility, utilised for daily chores such as alarms, task reminders, and remote controlling appliances, among other things. Furthermore, the entertainment and media industries are experimenting with features such as huge touch displays, speakers, simple volume controls, voice control intelligence, and other applications to offer value to the market. As a result, cellphones are increasingly being used to replace laptops, cameras, wrist watches, and other equipment. Furthermore, features such as handsfree and others necessitate the purchase of headsets and headphones, prompting the user to do so. Furthermore, people purchase protective cases and screen guards due to the fragile frame and display screen of mobile phones. These protective items are made to appeal to users in terms of appearance and quality. As a result, as smartphone penetration rises, so does the growth of the mobile phone accessories business.
Smart wireless accessories are becoming more popular.
With the advent of technology, such as AI and IoT, various capabilities such as hyper connection and intelligence in electronic products have become possible. This encourages people to use wireless mobile accessories like smart watches, smart speakers, wireless headsets and headphones, and so on. Furthermore, advancements in the field of smart wireless mobile accessories have resulted in an increase in the mobile phone accessories market. For example, Amazon, a U.S.-based firm and global leader, has developed a series of Echo Show 5 display speakers with AI integration known as Alexa. Furthermore, the growth of the mobile phone accessories market is aided by the increased acceptance of health monitoring smart wearables such as fitness bands.
Hearing loss has a negative impact.
Rapid development in the usage of mobile phones, headsets, and portable music players has resulted in an increase in the use of wireless equipment, which has resulted in a number of negative hearing impacts. Long-term usage of headphones at high volumes has resulted in temporary and permanent sensory impairment, limiting market expansion.
Imaging and photographic accessories have advanced in terms of technology.
The growth of the media and entertainment sector has resulted in the development of advanced photographic and video graphic mobile phone accessories. Tripods, stabiliser stands, phone lenses, instant picture printers, and other photography accessories are employed in cellphones. Furthermore, the widespread use of social media applications such as Facebook, Instagram, and others has increased the number of casual photographers, boosting the demand for picture and imaging mobile accessories.