Mobile Phone Accessories Market is Anticipated to Grow at a CAGR of 6.7% through 2031 and Reach US$ 166 billion | FMI

The mobile phone accessories market is anticipated to be worth $86.6 billion in 2021. The market is anticipated to grow at a CAGR of 6.7 percent through 2031 and reach US$ 166 billion.

The United States continues to account for 78 percent of total sales in North America. While China will continue to be the region's largest market, South Korea and Japan's demand are anticipated to grow quickly.

According to the report, the key accessories available in the mobile phone accessories market consist of a case for protection, headphones or earphones, a charger, a battery, a memory card, a power bank, a portable speaker, and "others".

Among these products, demand for protective cases is most robust currently, with this segment accounting for one-fifth of the overall market in 2021. FMI expects demand for protective cases to remain strong during the forecast period 2021-2025.

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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.

Mushrooming of multi-brand distributors and retailers has given mobile phone accessory manufacturers the opportunity to target a larger customer base. Furthermore, sales of mobile phone accessories through e-tailers is also contributing to the growth of the market globally. FMI expects both multi-brand stores and e-commerce stores to expand during the forecast period, which in turn, is anticipated to provide an impetus to the global mobile phone accessories market.

Although FMI maintains a positive outlook on the global mobile phone accessories market, few factors can restrain the growth during the forecast period.

Lack of stringent checks on pirated accessories is eating into the revenue share of key stakeholders in the market. Pirated mobile accessories are offered at a fraction of the price of original products, making it difficult for manufacturers to compete with them.

Currently, there exists a lack of standardization in technology and components used for manufacturing mobile accessories. Undefined standards in the market lead to high product and price differentiation, this may hinder growth of the mobile accessories market to some extent.

The key trends analysed by FMI in the global mobile phone accessories market include growing demand in Asia and spate of mergers and acquisitions. Diversification of product portfolio and product advancement are the other major trends in the global mobile phone accessories market.

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Mobile Phone Accessories Market by Category

Product Type

• Power Banks
• Batteries
• Chargers
• Wired
• Wireless
• Data Cables
• Mount & Stands
• Selfie Stick
• Others (Stylus Pen)

Packaging Type

• Folding Cartons
• Clear View Boxes
• Pouches & Bags
• Clamshells
• Blister Packs
• Trays

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Sales Category

• By Brands
• By 3rd Parties
• By White Labels/No Name Brands

Price Range

• Premium
• Mid
• Low

Sales Channel

• Retail Outlets (Multi-Brand Outlets)
• Electronic Stores
• Franchise Outlets
• Exclusive Stores (Branded Stores)
• E-Commerce

Region
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Middle East and Africa (MEA)
• Oceania

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.

This release was published on openPR.