Global sales of mobile phone accessories are expected to be valued at ~US$ 78 Bn by 2019 end, as indicated by a newly published market research report. According to the report, the global mobile phone accessories market is projected to expand at a CAGR of ~6% during the 10-year forecast period, 2019-2029. Innovation in mobile phone accessories is projected to be majorly driven by widening expanse of wireless technology.
To deliver improved user experience and enhance accessibility to a high speed Internet connection, smartphone companies are developing devices with in-built wireless technologies, such as Wi-Fi, Bluetooth, near-field communication, 5G NR mm waves, and Li-Fi (Light Fidelity). Rapid intervention of wireless technology into mobile phones is expected to push demand for smart mobile phone accessories, such as Bluetooth speakers and wireless chargers.
Key Takeaways – Mobile Phone Accessories Market Study
- Companies in global mobile phone accessories market have been adopting emotional marketing to communicate effectively with target customers.
- Chargers and protective cases & covers are expected to contribute significantly high in the global mobile phone accessories market value.
- Increasing number of multibrand stores, adding to the accessibility of branded mobile phone accessories, is expected to uplift sales in the near future.
- Trendy and customized protective cases are in witnessing popularity as a fashion accessory in countries, such as India, China, and Indonesia.
- Headsets and portable speakers are projected to gain momentum in mobile phone accessories market, owing to proliferation of wireless technology and frequent launch of innovative wireless headphones with noise cancellation technology.
- Asia Pacific excluding Japan (APEJ) accounted for ~28% share of the global mobile phone accessories market revenue recorded in 2028. This market is expected to witness robust growth at 8% CAGR through 2029.
“As most smartphone brands are already up in the game of affordable, feature-rich phones, it’s obvious for leading players to seek other opportunities to stay afloat in the same space. Mobile phone accessories are emerging as a lucrative business, and mobile companies are investing heavily in launching new products in this category under new brands. Today’s tech savvy consumers don’t mind spending on more than one pair of earphones, power bank, or newer sound accessories. The growth of this market looks promising.”
Eyeing Opportunities in E-commerce
In addition to strategic M&A, prominent players in mobile phone accessories market are expected to equally focus their developmental strategies on diverse product portfolios and wider distribution network. In line with the brisk rate of growth of E-commerce industry, the past few years have been witnessing momentous growth of online sales of smartphones and mobile phone accessories. Prudent use of social media channels by brands to engage potential customers with new product launches and upcoming technologies would be an important factor influencing sales of mobile phone accessories.