The global mobile phone accessories market is expected to grow from USD 25,285.88 million in 2019 to USD 37,071.56 million by 2025 at a CAGR of 6.58%.
Major factors driving the growth of the Mobile Phone Accessories Market size are the rise in smartphone use and seamless connectivity to the digital world.
Mobile phones play an important role in modern day-to-day life. People add value to their mobile phones through different mobile accessories that enhance the functionality of the equipment as well as protect the phone from damage. The rise in demand for wireless accessories drives mobile phone accessory market growth. Various features of the advancement of technology, such as AI and IoT make way for hyper-connectivity and intelligence in electronic devices. This has promoted the use of wireless mobile accessories such as smart wearables, smart speakers, and wireless headsets & earphones, among others.
On-the-go devices are mobile accessories that can be connected to smartphones through cords or wireless technologies. These devices allow users to access information on their smartphones. For instance, smartwatches connected to smartphones provide access to messages, calls, and other functionalities of smartphones just from the wrist of the user on which they are tied. Thus, the convenience provided by OTGs is expected to widen the future market for mobile accessories. Furthermore, improvements in build technology in terms of quality, miniaturization of dimension, and appealing designs are expected to influence the OTG device market during the projected time period.
Online platforms are convenient and therefore, have become a popular medium for purchasing mobile accessories among consumers. Companies are using online distribution channels to make products and accessories available globally with the emerging trends in the e-commerce industry. This factor encourages many new market entrants to launch their own e-commerce sites where consumers can purchase the required products, thus boosting the demand for online distribution channels in the mobile phone accessories market.
The MobiIe Phone Accessories Market report comprises an analytical depiction of the market size along with current trends and future estimations to depict the imminent investment pockets.
TRENDS INFLUENCING THE MOBlLE PHONE ACCESSORIES MARKET SIZE
The increase in demand for wireless accessories is supporting the growth of the mobile phone accessory market. This rise in demand is attributed to the shift in user preferences for listening to music on mobile devices, such as smartphones and tablets.
The rise in disposable income and the popularity of social networking sites in urban areas also contribute to the size of the mobile phone accessories market.
Rapid technological developments, including the launch of noise-canceling technology, Bluetooth / NFC speakers, and integrated fans and lights in selfie sticks, are expected to fuel the Mobile Phone Accessories Market during the forecast period.
MOBILE PHONE ACCESSORIES MARKET SHARE ANALYSIS
Based on the Product, The Power Bank is projected to witness the highest growth during the forecast period. The demand for power banks is expected to grow as modern-day mobile batteries are unable to withstand heavy use.
Based on Distribution Mode, the Online segment is projected to witness the highest growth during the forecast period. The recent COVID-19 is expected to further propel the growth of this segment.
Based on Geography, the Asia-Pacific is projected to witness the highest growth during the forecast period. This dominance of Asia and the Pacific is due to the increased smartphone adoption in the region.