The mobile phone accessories market is set to grow at a 6.7% CAGR by 2031, driven by 5G technology and IoT integration.
The increasing application of mobile phones and the expansion of 5G technology to ease operations and help in the smoother functioning of these devices are expected to have significant impact on mobile phone accessories market. According to a study by Future Market Insights (FMI), the market will surpass US$ 86.80 Bn by 2021.
With the incorporation of IoT in households, a swift rise in the demand for mobile phone accessories has been witnessed, and this trend will continue in the near future. The emergence of 5G technology will also boost the demand for mobile phone accessories that work on augmented reality and virtual reality technology.
The high speed of 5G technology will provide a better experience of devices that are connected through wireless technology and will play a major role in driving the demand for wireless connectivity devices.
In addition, growth in smart homes and smart appliances sales has been a complementing factor for mobile phone accessories. The demand for protective cases and covers is expected to be significantly high. Nearly 20% of mobile phone accessories sales are expected to concentrate in this segment.
With the advent of 5G technology, consumers will have a better experience at the usage of smart devices owing to better connectivity and high-speed Internet, which is estimated to fuel the demand for smart devices in the near future.
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Key Takeaways from the Mobile Phone Accessories Market Study
“Market players are focusing on the expansion across eCommerce platforms such as Amazon, Walmart, and others to expand their footprint. Besides this, their investment towards innovation is increasing as well to launch products with advanced features,” says an FMI analyst.
Increasing Focus on the Miniaturization of Electronic Devices
Companies are focusing on introducing compact electronic components for printed circuit boards. This is intended to enhance the performance of devices such as smartphones as well as reduce the overall production cost.
Moreover, they are expanding their footprint, especially in high-growth markets such as India and China through various mergers and acquisitions. Mobile phone accessories are increasingly adopted for improving the end-user experience of mobile phone users, which has contributed to the growing demand for mobile phone accessories.
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Impact of COIVD-19 & 2020 Market Analysis
The COVID-19 outbreak has encouraged governments and organizations to take exceptional measures to deal with the ongoing crisis. Such measures have led to the implementation of various restrictions on movement and business, transitory closure of organizations, and required physical distancing for extended period of time.
The COVID-19 pandemic has fundamentally reduced worldwide monetary action and has caused critical instability across various sectors. The COVID-19 pandemic and the measures taken by nations in response have adversely affected the mobile phone accessories business across the world.
Who is winning?
Some of the key players operating in the mobile phone accessories market are Samsung Electronics Co. Ltd., Logitech International S.A., Harman International Industries Incorporated, Plantronics Inc., Apple Inc., Sony Corporation, GN Group, Incipio Group, Western Digital Corporation, Kingston Technology Company Inc., Cambridge Soundworks Inc., Bscstore Inc., The Case Factory, TYLT, Ballistic, Moftware Inc., Seidio Inc., Skullcandy Inc., SincoCase International Industrial, Case Mate Inc., and among others. In order to gain competitive advantage, the market players are focusing on product launches. For instance:
Get Valuable Insights into Mobile Phone Accessories Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global mobile phone accessories market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the mobile phone accessories market based on the packaging type (folding cartons, clear view boxes, pouches & bags, clamshells, blister packs, and trays), product type (power banks, batteries, chargers, wired, wireless, protective cases & covers, headsets, portable speakers, memory cards, data cables, mount & stands, selfie stick, and others), sales category (brands, 3rd parties, and white labels/no-name brands), price range (premium, mid, and low), sales channel (retail outlets, electronic stores, franchise outlets, exclusive stores, e-Commerce) across seven major regions.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth of the mobile phone accessories market, driven by 5G technology and IoT.
5G technology enhances smart device connectivity, boosting demand for mobile accessories.
The market is expected to grow at a CAGR of 6.7% from 2021 to 2031.
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