The mobile phone accessories market Size is anticipated to be worth $97,996.3 million in 2023. The market is anticipated to grow at a CAGR of 6.8 % through 2033 and reach US$ 189,807.7 million.
Still, the United States accounts for 78 percent of all sales in North America. While China will still be the region's largest market, South Korea and Japan's demand are anticipated to grow significantly.
According to the poll, the most popular mobile phone accessories on the market are a protective case, headphones or earbuds, a charger, a battery, a memory card, a power bank, a portable speaker, and "others".
Among these products, protective cases are currently in high demand; by 2021, this market segment will account for one-fifth of the total market. The market for protective cases is expected to remain strong during the forecasted period of 2021–2025, according to FMI.
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Inability of modern-day smartphone batteries to withstand heavy usage has led to robust demand for power banks. Owing to stellar demand, power bank segment is expected to gain 230 BPS during the forecast period, and increase its market share from 10% in 2014 to 12.3% in 2025. Power bank segment is also expected to witness the highest CAGR, growing at 9% between 2015-2025.
The key factors that are driving the global mobile phone accessories market include rising smartphone ownership and mushrooming of multi-brand distributors and retailers.
Smartphone sales are buoyant in emerging economies, such as China, India, Brazil, and Indonesia. Smartphone shipments increased from 1.1 Bn units in 2013 to 1.2 Bn units in 2014. Around 45% of these 1.2 Bn units were shipped to China. FMI expects the rising smartphone ownership to create secondary demand for products that are not usually included in the box, such as power banks and protective cases.
In addition to multination brands, the smartphone segment in emerging nations also includes regional players, such as Xiaomi and Micromax. FMI’s analysis revealed that compared to multinational brands, these local players offer fewer mobile accessories in their offerings in a bid to keep the prices competitive. Owing to this, a majority of consumers buy mobile accessories from the local market or from e-commerce sites. Increase in the sales of smartphones made by local manufacturers is expected to provide an impetus to the mobile phone accessories market during the forecast period.
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The rise of multi-brand distributors and retailers has made it possible for accessory producers for mobile phones to reach a larger market. Additionally, the global market's expansion is being aided by the sale of mobile phone accessories through online merchants. Both multi-brand stores and e-commerce stores are expected to expand throughout the forecast period, which is expected to increase the global market for mobile phone accessories.
Even though FMI continues to have a positive outlook on the global market for mobile phone accessories, there are few factors that can prevent the expansion over the projected period.
The revenue share of important market participants is being reduced by lax enforcement of checks on counterfeit accessories. It is challenging for manufacturers to compete with pirated mobile accessories because they are sold at a fraction of the cost of genuine goods.
At the moment, the technology and parts used to make mobile accessories are not standardised. The market's lack of clear standards results in significant pricing and product differentiation, which could somewhat impede the expansion of the mobile accessories industry.
Growing demand in Asia and a wave of mergers and acquisitions are two of the significant trends FMI examined in the global market for mobile phone accessories. The other key trends in the global market for mobile phone accessories are portfolio diversification and product innovation.