Mobile Phone Accessories Market to Reach $107.3 billion, Globally, by 2022
“In the recent past, the demand for newly commercialized smartphone accessories such as power banks and portable speakers has witnessed notable growth due to consumer need for portable power backup and increased internet usage over digital product such as smartphones, tablets, phablets, and others. The need for entertainment on the move has risen the popularity of portable speakers among the smartphone users, and is further expected to increase during the forecast period.”
A new report published by Allied Market Research, titled, “Mobile Phone Accessories Market – Global Opportunity Analysis and Industry Forecast, 2014 – 2022”, projects that the global mobile phone accessories market is expected to reach $107.3 billion by 2022. Protective case segment is expected to dominate this market between 2014 and 2022. Asia-Pacific is expected to maintain its lead, accounting for more than 45% share of the world mobile accessories market in 2014.
Factors that drive the market growth are rise in demand for wireless accessories, growth in smartphone adoption, increase in disposable income in developing countries such as China, India, and Brazil, and strong distribution network in China, Indonesia, Brazil, and Russia. In addition, market growth is expected to be boosted by the rise in sales of smartphones and increase in Internet penetration, popularity of social networking websites, and customers increasing need for convenience, which can be delivered with mobile accessories such as power banks, headphones and others. Budget friendly, safety, and introduction of noise canceling technology strengthen the technological advancements in this market. However, excessive use of headphones affecting the hearing ability of users is a major limitation that restricts the market growth.
Offline segment accounted for about 75% of the overall mobile accessories market in 2014, as majority of the people prefer to shop mobile accessories from local stores rather than online stores. In addition, online sale is expected to be the fastest growing segment and is projected to register a CAGR 10.2% during the forecast period. This is due to the growth in trend of mobile shopping, cash on delivery, variety of options, and quick & safe refunds.
Headphone segment is projected to maintain its lead due to its easy accessibility and compatibility with other audio systems via Bluetooth or Wi-Fi connectivity. The power bank segment is anticipated to exhibit the highest growth rate, with a CAGR of 9.2% due to rapid economic development, increased consumer purchasing power and better living standards, and increase in processor speed, safety usage, and growing digital content. In addition, rise in competition among regional and global players is expected to decrease the average selling price of power banks in the future; this would lead to increase in adoption of power banks.
Protective case generated highest revenue in 2014, accounting for around 21% and this growth is expected to increase during the forecast period. This growth is attributed to companies continuously focusing on designing lightweight protective cases to provide convenience to the customers for holding their smartphones.
Asia-Pacific accounted for the majority of the revenue, and is expected to maintain its dominance, owing to the increased production of mobile phones in countries such as China, India, Japan, Singapore, and Australia. Moreover, rise in disposable income, proliferation of e-commerce websites, digitization of infrastructure with increased spending capacity of consumers, availability of low-cost products, and changing lifestyle pattern offer lucrative opportunities that fuel the market growth in this region. Developing countries such as India and China have strong economic growth rate, which is fueled by industrial and commercial development. The electronic consumer market is in its growing stage due to the presence of top industry players from Japan and China, which focus on low-cost wireless products to capture market share. Companies manufacture their products in Indian and Chinese markets due to low operational costs and raw material prices, and availability of human workforce.
Key Findings of Mobile Phone Accessories Market Study:
– In the year 2014, offline segment led the market revenue, and is projected to grow at a CAGR of 6.6 % during the forecast period.
– Online segment is expected to grow at a significant CAGR of 10.2%, owing to rise in trend of mobile shopping.
– Mid-price range segment is projected to grow at a CAGR of 8.5%.
– The power bank segment is estimated to grow at the highest CAGR during the forecast period.
– China is the major shareholder, accounting for about 27% share of the global mobile accessories market.
Key players focus on expanding their business operations in the emerging countries, with new product launches as a preferred strategy. The major players profiled in this report include Panasonic Corporation, Senheiser Electronic GmbH & Co. KG, Sony Corporation, Samsung Electronics Co. Ltd., Apple Inc., Bose Corporation, BYD company Limited, Plantronics, Inc., Energizer Holdings, Inc., and JVC Kenwood Corporation.