Mobile Phone Accessories Market , Demand And Analysis Of Key Players – Research Forecasts To 2031 According

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Mobile Phone Accessories Market , Demand And Analysis Of Key Players – Research Forecasts To 2031

According to the report, the key accessories available in
the mobile
phone accessories market include protective case, headphone/earphone,
charger, battery, memory card, power bank, portable speaker, and ‘others’.

In 2021, the Mobile Phone Accessories Market is expected to
be worth $86.6 billion. Through 2031, the market is expected to develop at a
CAGR of 6.7 percent, reaching US$ 166 billion.In North America, the United
States continues to account for 78 percent of overall sales.While China will
remain the largest market in East Asia, demand from South Korea and Japan is expected
to increase rapidly.

Among these products, demand for protective cases is most
robust currently, with this segment accounting for one-fifth of the overall
market in 2021. FMI expects demand for protective cases to remain strong during
the forecast period 2021-2025.

Inability of modern-day smartphone batteries to withstand
heavy usage has led to robust demand for power banks. Owing to stellar demand,
power bank segment is expected to gain 230 BPS during the forecast period, and
increase its market share from 10% in 2014 to 12.3% in 2025. Power bank segment
is also expected to witness the highest CAGR, growing at 9% between 2015-2025.

The key factors that are driving the global mobile phone
accessories market include rising smartphone ownership and mushrooming of
multi-brand distributors and retailers.

Smartphone sales are buoyant in emerging economies, such as
China, India, Brazil, and Indonesia. Smartphone shipments increased from 1.1 Bn
units in 2013 to 1.2 Bn units in 2014. Around 45% of these 1.2 Bn units were
shipped to China. FMI expects the rising smartphone ownership to create
secondary demand for products that are not usually included in the box, such as
power banks and protective cases.

In addition to multination brands, the smartphone segment in
emerging nations also includes regional players, such as Xiaomi and Micromax.
FMI’s analysis revealed that compared to multinational brands, these local
players offer fewer mobile accessories in their offerings in a bid to keep the
prices competitive. Owing to this, a majority of consumers buy mobile
accessories from the local market or from e-commerce sites. Increase in the
sales of smartphones made by local manufacturers is expected to provide an
impetus to the mobile phone accessories market during the forecast period.

Mushrooming of multi-brand distributors and retailers has
given mobile phone accessory manufacturers the opportunity to target a larger
customer base. Furthermore, sales of mobile phone accessories through e-tailers
is also contributing to the growth of the market globally. FMI expects both
multi-brand stores and e-commerce stores to expand during the forecast period,
which in turn, is anticipated to provide an impetus to the global mobile phone
accessories market.

Although FMI maintains a positive outlook on the global
mobile phone accessories market, few factors can restrain the growth during the
forecast period.

Lack of stringent checks on pirated accessories is eating
into the revenue share of key stakeholders in the market. Pirated mobile
accessories are offered at a fraction of the price of original products, making
it difficult for manufacturers to compete with them.

Currently, there exists a lack of standardization in
technology and components used for manufacturing mobile accessories. Undefined
standards in the market lead to high product and price differentiation, this
may hinder growth of the mobile accessories market to some extent.

The key trends analysed by FMI in the global mobile phone
accessories market include growing demand in Asia and spate of mergers and
acquisitions. Diversification of product portfolio and product advancement are
the other major trends in the global mobile phone accessories market.

Mobile Phone Accessories Market by Category

Product Type