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Mobile Phone Power Accessories Global Market to Exhibit a Remarkable CAGR of 7.5% by 2028, Size, Share, Trends, Key Drivers, Demand, Opportunity Analysis and Competitive Outlook
Mobile Phone Power Accessories Market
According to The Business Research Company's, the mobile phone power accessories market size has grown strongly in recent years. It will grow from $34.91 billion in 2023 to $37.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increased smartphone penetration, technological advancements, rising disposable income, the proliferation of e-commerce, and growing mobile usage.
The mobile phone power accessories market size is expected to see strong growth in the next few years. It will grow to $50 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to 5G rollout, an increase in mobile users, technological innovations, sustainability trends, and the emergence of IoT devices. Major trends in the forecast period include wireless charging, fast charging solutions, portable power banks, eco-friendly products, multi-functional accessories, and smart power management.
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Market Drivers and Trends:
Rising smartphone adoption is expected to propel the growth of the mobile phone power accessories market going forward. Smartphone use is driven by enhancing the user experience and increasing affordability due to competitive pricing and financing options. Additionally, growing internet penetration and the popularity of online services further boost smartphone demand. Smartphone power accessories extend battery life and ensure uninterrupted daily usage. For instance, in February 2024, according to Uswitch Limited, a UK-based financial conduct authority, the number of mobile connections in the UK rose to 71.8 million, reflecting a 3.8% increase (approximately 2.6 million connections) compared to 2021. By 2025, there will be 68.3 million people living in the UK, of whom 95% (or about 65 million people) will have smartphones. Therefore, rising smartphone adoption will drive growth in the mobile phone power accessories market.
Major mobile phone power accessories companies are innovating sustainable charging devices to meet the growing consumer demand for environmentally friendly products. These innovations focus on reducing environmental impact, improving energy efficiency, and utilizing sustainable materials. Sustainable charging devices are chargers and power accessories for mobile phones and other electronic gadgets that are designed, manufactured, and disposed of in ways that minimize their environmental footprint. For instance, in September 2021, HARMAN International, a US-based audio electronics company (a wholly-owned subsidiary of Samsung Electronics Co. Ltd.), launched non-audio products and power accessories under InfinityLab. It is built from 90% recycled plastic and includes eco-friendly wall chargers, power banks, wireless stands, and a loudspeaker for clear calling. SB-A, USB-C, and Lightning cables are weaved from recycled polyester yarn.
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Major Key Players of the Market:
Apple Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Sony Corporation, Lenovo Group Limited, Panasonic Corporation, LG Electronics Inc., Xiaomi Corporation, Energizer Holdings Inc., Anker Innovations Technology Co. Ltd., OnePlus Technology Co. Ltd., Realme, ZAGG Inc, Belkin International Inc., Spigen Inc, Scosche Industries Inc., AUKEY Official, Baseus, Ambrane India Pvt. Ltd., RAVPower Technology Co. Ltd., iOttie Inc., Satechi Corporation, Griffin Technology, America Ugreen Limited , Power Practical LLC
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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