Why are phone accessories important?
The global mobile phone accessories market was valued US$ 80,947.0 Mn in 2019 and expected to reach US 139,104.2 Mn by 2027.
Increasing disposable income and rising global population is expected to drive growth of the global mobile phone accessories market
Preference of common populace towards mobile accessories, especially in emerging economies has increased due to rising disposable income in the recent past. According to Coherent Market Insights’ analysis, in 2015, global disposable income increased by 3.1% as compared to 2014. Furthermore, growing population, especially in emerging regions such as MEA and Asia Pacific is expected to boost the demand for mobile phone accessories. According to the United Nations (UN), global population is expected to reach 9.6 billion by 2050, increasing from 7.2 billion in 2013. Furthermore, GDP of emerging economies is expanding significantly, which in turn, is expected to drive growth of the market during the forecast period.
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Rising penetration smartphones is expected to propel the growth over the forecast period
Smartphone proliferation across emerging economies such as Indonesia, Brazil, and China has increased substantially and continues to grow at a fast pace. This is owing to increasing internet penetration and rising popularity of social network platforms in the countries. According to Coherent Market Insights’ analysis, Smartphone shipments across the globe increased from 1.1 billion units in 2013 to 1.2 billion units in 2014. Of the overall shipments, over 45% of smartphone units were shipped to China in 2014. Moreover, rising trend of mobile shopping, e-banking, and BOYD are other factors expected to propel the global mobile phone accessories market growth over the forecast period.
Statistics:APAC dominated the global mobile phone accessories market in 2019, accounting for 52.3% share in terms of value, followed by, Europe, North America, Latin America and Middle East respectively.
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