Participants in the mobile phone accessories market are investing in the development and production of cloud-enabled products to leverage increased global internet penetration.
DUBAI, UAE / ACCESSWIRE / March 18, 2021 / Future Market Insights: The global mobile phone accessories market is projected to reflect a healthy rate of growth of over 6.5% CAGR for the duration of the assessment period of 2021 to 2031. The rise in the global demand for mobile phone accessories can be attributed extensively to the rapid growth in the penetration of internet and smartphones to countries around the world. Efforts towards the development and production of customized and personalized products, in addition to strategies in the industry towards sustainable and efficient packaging formats will gain ground in the market during the coming decade.
"With the rapid rise of the e-commerce sector, online stores are witnessing increased preference by consumers as compared to conventional brand stores. Consequently, brick-and-mortar distribution channels are likely to see a slump in revenue. Consumers are also reflecting a preference for mid-range-priced mobile phone accessories, which will remain unchanged in the coming decade," says the FMI study.
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Mobile Phone Accessories Market - Leading Takeaways
- Online channels of distribution are reflecting a stronger rate of growth owing to easy internet access, and doorstep delivery and replacement services.
- Headphones and earphones will display stronger growth owing to standardization of USB C compatibility, and frequent tech innovations.
- China will remain a market leader owing to its position as a leading mobile phone production hub.
- Changing lifestyles and improvements to disposable income, reflect positive growth prospects in the MEA.
Mobile Phone Accessories Market - Growth Factors
- Increasing levels of disposable income, especially in emerging economies is driving up sales prospects.
- High global penetration of the smartphones and the internet will support growth in the long term.
- Frequent launches of novel products in the sector encourage long-term growth opportunities.
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Mobile Phone Accessories Market - Constraints
- Widespread presence of counterfeits and substandard products is a concern limiting sales prospects.
- Lack of equipment standardization on a global scale is a major factor limiting adoption and trade internationally.
Expected Impact on Market by Coronavirus Outbreak
The covid-19 pandemic has had an adverse effect on developments in the mobile phone accessories market. Economic uncertainties have poorly affected consumer buying confidence, with purchases being primarily directed towards essential goods. In addition, disruptions to supply chains of raw materials and components have caused delays to production and distribution channels, thereby affecting sales.
Manufacturers are being forced to consider diversifying production lines out of China, with online channels of sales gaining traction during the crisis period. Relaxation of industrial regulations towards 2021 will support long term growth in the industry, as wireless technologies are likely to find high consumer interest in the near future.
Some of the leading manufacturers participating in the mobile phone accessories market are Case Mate Inc., Samsung Electronics Co. Ltd., SincoCase International Industrial, Logitech International S.A., Seidio Inc., Harman International Industries Inc., Moftware Inc., Plantronics Inc., TYLT Ballistic, Sony Corporaton, The Case Factory, Apple Inc., Bscstore Inc., Skullcandy Inc., Cambridge Soundworks Inc., GN Group, Kingston Technology Company Inc., Western Digital Corporation, and Incipio Group among others.
Leading players in the moderately fragmented mobile phone accessories market have been displaying interest in product development and launch strategies to capture consumer loyalty in a competitive market in addition to meeting geographical expansion goals.
In February 2021, Anker launched its PowerCore Magnetic 5K Wireless Power Bank, with MagSafe compatibility aimed towards iPhone 12 variants. In August 2020, telecom manufacturer Beetel revealed its entry into the mobile phone accessory segment with the Flix brand of earphones, wireless stereos, wireless chargers, and power banks. Apple also launched a new ecosystem of accessories compatible with the iPhone 12's MagSafe magnetic back including a smart battery case, snap-on batteries and others.
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More on the Report
FMI's provides in-depth insights on the mobile phone accessories market. The market is segmented in terms of product type (power banks, batteries, chargers, protective cases & covers, headsets, portable speakers, memory cards, data cables, mounts & stands, selfie sticks, and others), packaging type (foloding cartons, clear view boxes, pouches & bags, clamshells, blister packs, and trays), sales category (by brands, by 3rd party, by white labels), price range (premium, mid, and low), and sales channel (retail outlets, electronic stores, franchise outlets, exclusive stores, and e-commerce), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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SOURCE: Future Market Insights