Global mobile phone accessories market estimated to witness high growth, owing to increasing smartphone penetration and growing e-commerce sales
Global Mobile Phone Pccessories Market is estimated to be valued at US$ 108.23 billion in 2024, exhibiting a CAGR of 6.8% over the forecast period (2024-2031). The market growth is driven by factors such as growing sales of smartphones and increasing internet penetration. Furthermore, rising adoption of e-commerce retailers for mobile phone accessories can also drive the market growth.
Market Dynamics:
Global mobile phone accessories market growth is driven by increasing smartphone penetration and growing online retail sales. Rising smartphone user base around the world can also drive the market growth. Rising sales of smartphone can boost demand for mobile phone accessories such as chargers, headphones, protective cases, and power banks. Booming e-commerce industry can also drive the market growth. Online retail platforms provide consumers with a massive range of accessories at competitive prices delivered right to their doorsteps. Features such as instant delivery, EMI options, and cash-on-delivery have made e-commerce an attractive channel for purchasing mobile accessories. This increased reliance on e-commerce can drive the market growth over the forecast period.
Market Drivers-
Increasing smartphone penetration across the globe
Rising adoption of smartphones across both developed and developing nations can drive the mobile phone accessories market growth. As more people buy smartphones, there is huge demand for complementary accessories like protective cases, power banks, headphones, screen guards, and others. According to reports, over 3 billion smartphones were shipped globally in 2021. This increasing smartphone ownership provides a huge potential customer base for mobile phone accessories manufacturers and retailers.
Frequent new product launches and technology upgrades
Mobile phone manufacturers frequently launch new smartphone models with upgraded features and specifications. This planned obsolescence model boosts demand for replacement of old mobile phone accessories with newer versions compatible with latest smartphones. Every new iPhone or Galaxy launch boosts sales of accessories like wireless ear buds, rugged cases, and others, designed specifically for that model. Technological evolutions like faster charging, improved audio quality also boost demand for newer generations of mobile accessories.
Market Restraints- Growing preference for refurbished and cheap alternatives
The availability of cheaper refurbished or reconstructed versions of original smartphone accessories can poses challenges for established brands. Sites selling used electronics offer refurbished chargers, batteries and earphones at heavy discounts as compared to branded new ones. Many local manufacturers provide low-cost alternatives that work just as well but compromise on features and perceived quality. This pricing pressure can restrain revenues of mainstream mobile phone accessories companies.
Increasing online discounts and promotions
E-commerce platforms continually offer deep discounts, cashback incentives and bundling promotions on mobile phone accessories throughout the year. This discounted pricing, especially during annual sales seasons, reduces customers' willingness to pay full retail price from physical stores or company websites. The falling margins due to high-volume discounts can negatively impact the financial performance and growth targets of accessories manufacturers.
Market Opportunities-
Growing demand for wireless and smart accessories
Trends like increased wireless capabilities and smart functionality can offer growth opportunities. Wireless chargers, power banks with intelligent safety features, truly wireless earbuds with active noise cancellation, smart trackers are witnessing growth. The user convenience, enhanced experience and premium pricing of these new categories boost their popularity among both switchers and upgraders. Accessories makers can leverage this space with differentiated products.
Emerging middle class in developing markets
Rising income levels enable people to experience premium flagship devices for the first time in developing regions like India, Latin America, Africa, Southeast Asia, and others. Along with the smartphones, the demand for high-quality, high-pricing accessories is also expanding in these formerly price-sensitive markets. Players with strong regional presence and local manufacturing can gain first-mover advantages by addressing these new customers early.
Link - https://www.coherentmarketinsights.com/market-insight/mobile-phone-accessories-market-2070
Key Developments:
- In October 2022, Google LLC, a leading technology company that is known for its search engine and innovative products, launched its new Pixel 7 and Pixel 7 Pro smartphones, along with the Tensor G2 chip and the Pixel Watch, during the Made by Google event in New York. The Pixel 7 and Pixel 7 Pro feature a redesigned rear camera, a polished aluminum finish, and an aluminum camera bar, enhancing both aesthetics and functionality.
- In April 2022, Samsung Electronics Co., Ltd., a global leader in consumer electronics and mobile communications, announced a partnership with plant-based designer Sean Wotherspoon to launch the Samsung Galaxy x Sean Wotherspoon Sustainable Accessories Collection. This eco-friendly line features smartphone cases for the Galaxy S21 and watch accessories for the Galaxy Watch4 series, all sourced sustainably using 100% recycled and biodegradable materials such as non-toxic TPU. The collection, which includes three matching styles - Orchid, Dawn, and Rain - aims to promote sustainability and raise awareness of the environmental impact of consumer products, aligning with Samsung's broader Galaxy for the Planet initiative to reduce its carbon footprint across mobile products by 2025.
- In February 2022, Belkin International Inc., a leading provider of consumer electronics accessories, launched a new line of connectivity products featuring Intel’s Thunderbolt 4 controller. This lineup includes the Thunderbolt 4 cable and the CONNECT Pro Thunderbolt 4 Dock, which offers capabilities such as dual display support for content up to 4K at 60Hz, fast charging, and more, enhancing user experience and productivity.
- In December 2021, Nothing, a U.K.-based consumer tech company founded by OnePlus co-founder Mr. Carl Pei, introduced a new black variant of its popular ear (1) true wireless earbuds. The company also announced that the entire ear (1) product line, including all units shipped since launch, has achieved carbon neutrality through offsetting emissions and using renewable energy certificates.
Key Player:
Aukey, Belkin International Inc., Bose Corporation, Google (Alphabet Inc.), Huawei Technologies Co. Ltd., Incipio, Jabra (GN Audio), LG Electronics, Luxshare Precision, MI (Xiaomi Corporation), Panasonic, Philips, PISEN, Samsung Electronics, Sony Corporation
