Mobile Phone Accessories Market will Increase at a CAGR of 6.9% during 2015 to 2025

The rapid proliferation of mobile phones has created a burgeoning market demand for mobile phone accessories globally, leading to an exponential market growth. The global mobile phone accessories market is projected to register a high CAGR of 6.9% during the period 2015 to 2025 across the key regions of North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and the Middle East and Africa. Major trends observed in the market include rising mergers and acquisitions, diversification of product portfolio and product advancement, as well as new product development across the globe.

The global mobile phone accessories market has been segmented on the basis of products into protective case, headphone/earphone, charger, memory card, battery, power bank, portable speaker, and others. The market is also segmented by price range into premium, mid, and low; and on the basis of distribution channels into multi-brand store (further sub-segmented into organised store and independent store), single-brand store, and online store.

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Key market drivers and resultant trends

The mobile phone accessories market is influenced by certain key drivers that play a major role in altering market dynamics in the aforementioned regions.

Increasing Disposable Income and Growing Global Population

In 2015, global disposable income increased by 3.1% as compared to 2014, leading to a rapid growth of the mobile accessories market owing to increased demand for mobile accessories especially in developing countries of Asia Pacific and Latin America

UN estimates point to an increase in global population from 7.2 billion in 2013 to 9.6 billion by 2050. Increasing population growth, coupled with growing GDP of developing countries such as Asia Pacific and MEA is likely to enhance the growth of the mobile accessories market over the forecast period

Expanding Urban Population

According to UN statistics, 54% of the world’s population resided in urban areas in 2014 and this number is projected to increase to 66% by 2050. Expansion of urban population across the globe, characterized by urban upper class and high net worth individuals, has led to a strong demand for advanced mobile accessories such as premium headphones and power banks. Moreover, rapid migration from rural to urban areas, particularly in countries such as China and Indonesia, is expected to support growth in this market over the forecast period

Proliferation of Smartphones

Smartphone adoption across countries such as China, Indonesia, and Brazil is growing at a fast pace, linked to increasing internet penetration and popularity of social networking in these countries.

A growing trend of mobile shopping, e-banking, and Bring Your Own Device (BYOD) is accelerating the demand for smartphones across the globe, thereby fuelling growth of the mobile accessories market

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Strong Distribution Network

Online retailing is becoming a most popular distribution channel in emerging markets such as China, Indonesia, Brazil, and Russia. To gain competitive advantage in the mobile accessories market, key providers largely rely on strong distribution channels such as multi-brand distributors and retailers of mobile accessories in order to better cater to customers

The global mobile phone accessories market is projected to account for US$ 121,726.4 Mn by the end of 2025. APEJ, North America, and Western Europe are collectively expected to account for 79.6% market share by 2025. The markets in Latin America and MEA are estimated to be the second- and third-fastest growing regional markets with CAGRs of 7.3% and 5.7% respectively over the forecast period.

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This release was published on openPR.