March 28, 2020

Mobile Phone Accessories Market Is Expanding at a CAGR of 6.4% From 2016 to 2023

According to a new market report published by Credence Research “Mobile Phone Accessories Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the mobile phone accessories market has been estimated to be valued at US$ 60,420.0 Mn by the end of 2016, and is expected to reach US$ 93,011.2 Mn by 2023, expanding at a CAGR of 6.4% from 2016 to 2023.

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Mobile Phone Accessories Market

Market Insights:

Mobile phone accessories are generally designed to attach to, protect or complement mobile phones, are well-received and fashionable accessories for different phones (including smartphones and featured phones). The need to protect smartphones or featured phones, and for other reasons, has prompted demand for mobile phone accessories around the globe. Nowadays, mobile phone accessories are very popular with smartphone users all over the world. The market for mobile phone accessories is largely dependent on the penetration of smartphones around the world.

Over the next few years, the smartphone market is expected to grow considerably due to rising needs and online shopping trends. Significant reductions in smartphone sales rates, a growing rise in online video sharing, increased access to social networking and related services are likely to meet the demand for smartphones that will have a positive impact on the growth of the mobile accessories market during the forecast period.

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Urbanization and changing lifestyle along with increasing population especially in Asian countries such as China and India, deeper inclination towards smartphones and a significant and strong distribution network is projected to bolster the growth of global mobile phone accessories business between 2016 and 2023. Besides this, increasing need to incline the lifetime of smartphones as well as to cover and protect it from any outside damage as well as strong demand for aftermarket accessories such as earphones, chargers, batteries and power banks will lead to robust growth of global mobile phone accessories market till 2023. Apart from this, rising wide variety of designed covers, stylish and waterproof earphones and long lasting power banks will propel the demand for mobile phone accessories across the globe in the next few years.

Competitive Insights:

Mobile phone accessories market is segmented on the basis of distribution channel such as multi-brand store, single-brand store and others. Amongst this, multi-brand store segment grabbed the highest market share in the total revenue of global mobile phone accessories market in 2015. The segment is anticipated to dominate during the period 2016-2023. Rising internet penetration all over the world is expected to boost the growth of online stores segment over the forecast period.

The global mobile phone accessories market is also segmented on the basis of price range which includes premium, mid and low range segment. The mid range mobile phone accessories segment is expected to observe robust growth during the forecast period. The mobile phone accessories segment is also bifurcated by product type such as mobile cases, chargers, mobile earphones and headphones, battery, portable speakers, power banks and others. Amongst all, power banks and mobile cases segment are expected to observe significant growth and higher demand in the total worldwide mobile phone accessories market till 2023.

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Key Trends:

Merger & Acquisition
Emerging urban middle class
Rising trendy phone covers, washable and stylish headphones
Online shopping

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