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Mobile Accessories Market Overview 2024-2033 - Share, Size, Insights, Forecast
Mobile Accessories Market Overview
According to The Business Research Company's, The mobile accessories market size has grown strongly in recent years. It will grow from $234.04 billion in 2023 to $252.92 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to smartphone proliferation, fashion and personalization trends, e-commerce growth, increasing mobile device durability concerns, integration of multiple functions.
The mobile accessories market size is expected to see strong growth in the next few years. It will grow to $331.43 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to rise in gaming accessories, augmented reality (ar) and virtual reality (vr) integration, focus on sustainable and eco-friendly accessories, health and fitness monitoring accessories, smartphone camera enhancements. Major trends in the forecast period include rapid product innovation, 5g technology adoption, rise of wireless technology, technological advancements, wireless charging technology.
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Market Drivers and Trends:
The increasing demand for smartphones is expected to propel the growth of the mobile accessories market going forward. A smartphone refers to a handheld electronic device that combines mobile telephone functions and personal computing functions into one unit. Mobile accessories enhance the functionality and user experience of smartphones, providing added features, protection, and customization options. For instance, in November 2023, according to Uswitch Limited, a UK-based financial conduct authority, beginning in 2022, there were 71.8 million mobile connections in the UK, marking a 3.8% growth (equivalent to approximately 2.6 million connections) compared to 2021. Projections indicate that by 2025, the UK population is expected to reach 68.3 million, with an estimated 95% (around 65 million individuals) owning smartphones. Therefore, the increasing demand for smartphones is driving the growth of the mobile accessories market.
Major companies operating in the mobile accessories market are increasing their focus on introducing eco-friendly mobile accessories to gain a competitive edge in the market. Eco-friendly mobile accessories are accessories designed and manufactured with a focus on environmental sustainability, using materials and production processes that minimize ecological impact. For instance, in August 2023, Samsung Electronics Co. Ltd., a South Korea-based appliances company, launched the Samsung Eco-Friends lineup, which is designed with eco-conscious values and unique designs. The accessories are made from recycled materials and are available for various Samsung products, including the Galaxy Z Flip5, Z Fold5, Tab S9, Watch6, Buds2 Pro, and the Freestyle portable projector. The lineup features appealing characters and designs, including collaborations with popular brands and artists such as TOILETPAPER, Keith Haring, Disney, Marvel, and more.
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Major Key Players of the Market:
Major companies operating in the mobile accessories market report are Apple Inc., Google LLC, Samsung Electronics Co.Ltd., Huawei Technologies Co. Ltd, Sony corporation, Panasonic corporation, JBL, Western Digital Corporation, ASUSTeK Computer Inc., Emerson Electric Co, Signify Holding, Harman International, Logitech International S.A, Bose corporation, Anker Innovations Co. Ltd., Plantronics Inc., Sennheiser Electronics GMBH & Co. KG, Belkin International Inc., Skullcandy, HTC Corporation, Aukey, PopSockets, Incipio Group, Kenwood corp., X-Doria, Groovemade, Spigen Inc., OtterBox, TCL Communication, UE Boom
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