“Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies, and Forecasts for Mobile Phone Accessories, 2020 to 2030”
The worldwide mobile phone accessories market was worth USD 81.4 billion in 2019 and is expected to grow to USD 152.03 billion by 2029, with a CAGR of 6.3 percent from 2020 to 2030.
By the year 2050, the world population is predicted to reach 9.6 billion people (UN data). As the world’s population grows, so does the general public’s appetite for mobile accessories. Because of the expanding population in emerging countries such as Asia Pacific and the Middle East, the need for mobile phone accessories is predicted to increase even more. India’s population has surpassed 1.2 billion people, with 50% of the country’s population under the age of 25. Over 65% of the population is under the age of 35.
Smartphone users all around the world are currently in great demand for mobile phone accessories. The global adoption of smartphones has a significant impact on the mobile phone accessories business. Due to expanding requirement and online buying patterns, the smartphone industry is likely to increase significantly over the next few years. Significant reductions in smartphone selling costs, expanding trends of online video streaming, more access to social networking, and other factors are expected to boost smartphone demand, boosting the growth of the mobile phone accessories market throughout the forecast period.
New Applications Boast Huge Possibilities
Because of the high number of mobile device users and the rapid acceptance of smartphones and tablets, the mobile phone accessories industry has enormous prospects for manufacturers. This is also backed up by a continuous drop in smartphone costs throughout the world. Consumers’ buying and spending habits have changed as disposable income has increased, particularly in metropolitan areas. The global use of mobile devices by youngsters offers a strong boost for the market’s growth. In addition, due to the simplicity of cash on delivery payment and numerous discounts given by e-retailers for items, the online retailing trend in the mobile accessories industry is booming. The worldwide mobile phone accessories market is predicted to develop as a result of this.
The threat of a pandemic continues to be a game changer.
The research divides the mobile phone accessories market into three areas based on sales channel: multi-brand shop, single-brand store, and internet store. In 2020, online retailers generated the most revenue in the mobile phone accessories market by sales channel, owing to the impact of COVID-19, which imposed lockdown in a number of nations throughout the world. Multi-brand retailers had the biggest percentage share of the market prior to COVID-19. Consumer convenience and group purchasing benefits are facilitated by a multi-brand store. In 2020, single-brand stores, such as Apple stores, accounted for the third greatest percentage, offering luxury accessories expressly tailored around their respective brands.
Asia Pacific Market Penetration
Between 2019 and 2029, the worldwide mobile phone accessories market is expected to develop due to increased migration from rural to urban regions, rising family disposable income, and changing lifestyles, particularly in Asian nations such as China and India. In the next years, the availability of innovative and attractive phone coverings, stylish and colorful headphones, and growing battery and charger replacements will boost demand for mobile phone accessories all around the world. In 2019, the Asia Pacific mobile phone accessories market topped the worldwide mobile phone accessories market by region, with the highest revenue share.
Latin America, the Middle East and Africa, as well as Eastern Europe’s mobile phone accessories market, are expected to grow at a significant CAGR over the next several years, through 2028. This is mostly due to increased urbanization, shifting demographics, and rising personal disposable income in the aforementioned locations. The mobile phone accessories industry is highly fragmented, with both domestic and international competitors present.
- Population growth and income growth are both on the rise.
- The demand for mobile phone accessories is predicted to increase as disposable income rises.
- Emerging Markets’ Expansion
- Smartphone demand is on the rise.
- Smartphone accessories that are wireless
- Image and photograph accessories have progressed.
- E-commerce shopping websites began to appear.
- Strong avenues of distribution
- Trends in society
- Technological Innovations
- The Internet and Social Media
- Smartphones are becoming less expensive.
- Chinese suppliers are putting pressure on profits by lowering prices.
- Brand awareness and a lack of uniformity
- Threat to privacy
- Disabilities in hearing
- The competition amongst the major manufacturers is fierce.
- Rural areas have a lower rate of smartphone adoption.
- Irregularities in the distribution of power
- Other issues that are stifling the expansion of the mobile accessories business