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Pandemic Remains Game Changer For Mobile Phone Accessories Market Boosting At a CAGR of 6.3%

The global mobile phone accessories market stood at USD 81.4 billion in 2019 and is anticipated to reach USD 152.03 billion by 2029, at a CAGR of 6.3% during the forecast period of 2021 to 2029. Over the next few years, the smartphone market is expected to attain remarkable growth due to rising necessity and online shopping trends. Significant reduction in selling prices of smartphones, rising trends of online video streaming, increasing access to social networking, and related is likely to proper the demand for smartphones which will positively impact the growth of the mobile phone accessories market during the forecast period.

In recent days due to presence of many e-commerce websites has important role to play in bolstering the mobile phone accessories market in India both by usage and by sale of mobile phone itself. Heavy investment in marketing and development of efficient ecommerce portal by e-commerce giants has led to increase in sales of smartphones as well as accessories. Extremely well planned launches with lucrative advertisement and discount had a positive impact on the level of customer reach there by increasing the sales with just a click away. These portals also linked with reviews made sure the customers chose the right product after understanding real time experience of other customers made it more convenient. These trends replaced the need of physical touch and feel aspect to a larger level. Though many customers were still reluctant to finalize the product online, the pandemic changed the entire game. Covid 19 locked down brought about many first timer sales to e commerce as this was the only option left. For many satisfied customers, they will continue to use ecommerce websites to shop for electronics and smartphone accessories. This is expected to have everlasting change in customer preference in favor of ecommerce as a primary option for point of sale. Online stores accounted for the largest revenue in the mobile phone accessories market by sales channel in 2020, primarily attributed the impact of covid 19 that set lockdown in various countries across the globe. Prior to covid 19 Multi-brand stores had the highest percentage share of the market. 

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Population is expected to reach at 9.6 Bn globally by end 2050 (UN data). Due to increasing population, preference of general populace towards mobile accessories has also increased. In developing nations like Asia Pacific and Middle East because of growing population the demand of mobile phones accessories is expected to boost further market. India’s population has crossed over 1.2 billion people out of which 50% of the country’s population is under 25 year old. Over 65% of the population is under 35 years.  This opens opportunities for both consumer market and also potential for young working population to boost manufacturing set up. The governments in emerging economies are focused on create investment friendly environment to increase business units that would eventually address issues such as unemployment, poverty, GDP, financial status etc that are challenging the country’s growth. Asia Pacific mobile phone accessories market dominated with the maximum revenue share in the total revenue of the global mobile phone accessories market by region in 2019. 

Due to technology advancement such as artificial intelligence and internet of things (IOT), there is a demand for wireless accessories because of their connectivity and intelligence in electronic devices. The attention has moved towards easy and comfortable lifestyle. Hence, this simplification has added to the demand. The ever rising demand of entertainment and media has paved way to demand for many advanced photographic and video graphic mobile phone accessories in market. Covid 19 locked down brought about many first timer sales to e commerce as this was the only option left. For many satisfied customers, they will continue to use ecommerce websites to shop for electronics and smartphone accessories. This is expected to have everlasting change in customer preference in favor of ecommerce as a primary option for point of sale. As of 2020, the premium segment of mobile phone accessories accounted for the highest share, in terms of revenue and adoption of the global mobile phone accessories market. Low price segment is projected to expand with the highest CAGR in the market during the forecast period. The mobile phone accessories market is extremely fragmented and characterized by the presence of both domestic and global players. The key companies include Sony, Zagg, Samsung, Apple, Griffin, Bose, Beats, SanDisk, Jabra, and other players are BYD Electronics, Energizer Holding Inc, LG Chem Power Inc, HTC Inc, Panasonic, Otter, Pelican Products, BodyGuardz Products, Plantronics, JVCKENWOOD, Strontium Technology, Transcend Information, iLUV Creative Technology, Logitech, Philips.

Key Market Movements:

  • The global mobile phone accessories market stood at USD 81.4 billion in 2019 and is anticipated to reach USD 152.03 billion by 2029, at a CAGR of 6.3% during the forecast period of 2021 to 2029.
  • Mobile phone manufacturers are increasingly inclined towards diversifying into the mobile phone accessories market in order to enhance their presence in the market.
  • As of 2020, the premium segment of mobile phone accessories accounted for the highest share, in terms of revenue and adoption of the global mobile phone accessories market.
  • Low price segment is projected to expand with the highest CAGR in the market during the forecast period.
  • Asia Pacific dominated the market in 2020. In developing nations such as Asia Pacific and Middle East growing population the demand of mobile phones accessories is expected to boost further market.
  • The mobile phone accessories market is extremely fragmented and characterized by the presence of both domestic and global players.
  • The key companies include Sony, Zagg, Samsung, Apple, Griffin, Bose, Beats, SanDisk, Jabra and others.

The Global Mobile Phone Accessories Market is Segmented into:

ATTRIBUTEDETAILS
Research Period 2019-2029
Base Year 2020
Forecast Period2021-2029
Historical Year2019
UnitUSD Billion
Segmentation Product Segment (2019-2029; US$ Bn)
 Sales Channel (2019-2029; US$ Bn)
 Price Range (2019-2029; US$ Bn)
 Region type Segment (2019-2029; US$ Bn)
Global Impact of Covid-19 Segment (2020-2021; US$ Bn)

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