Mobile Phone Accessories Market to Hit $151.97 billion by 2028, at a CAGR of 7.3%, says Coherent Market Insights
/EIN News/ -- Burlingame, June 24, 2024 (GLOBE NEWSWIRE) -- The global mobile phone accessories market size was valued at US$ 92.76 Billion in 2021 and is expected to reach US$ 151.97 Billion by 2028, growing at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2028, as highlighted in a new report published by Coherent Market Insights. Increasing adoption of expensive high-end smartphones across the world has significantly driven the demand for protective phone accessories like covers, cases and screen protectors. As expensive phones are more prone to damage during accidental drops or falls, users prefer to safeguard their devices by purchasing affordable protective covers and screen guards.
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Market Dynamics:
The growth of the mobile phone accessories market is driven by increased smartphone adoption as well as technological advancements in accessories such as wireless headphones. According to Statista, over 3.5 billion smartphone users were reported globally in 2022. Rising numbers of smartphone users has led to increasing demand for mobile phone accessories such as power banks, chargers, earphones, headphones, protective cases and covers among others. Furthermore, the introduction of wireless technology in headphones and earphones has gained immense popularity among consumers looking for convenience and portability, thus propelling market growth.
Mobile Phone Accessories Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2021 | $92.76 billion |
| Estimated Value by 2038 | $151.97 billion |
| Growth Rate | Poised to grow at a CAGR of 7.3% |
| Historical Data | 2017–2020 |
| Forecast Period | 2021–2028 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, By Distribution Channel, By Price Range |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing disposable income and rising global population • Rising penetration smartphones |
| Restraints & Challenges | • Rising threat of privacy • Lack of standardization |
Market Trends:
Protective covers and cases continue to be the largest and fastest growing product segment. Increased durability features and wide variety of designs available in protective accessories are prompting higher sales. Moreover, rise of wireless audio devices trend is gaining traction. Bluetooth enabled wireless headphones and earphones are fast replacing wired headphones due to easy connectivity and freedom of movement. Leading manufacturers are focusing on integrating latest technologies like Active noise cancellation (ANC) in headphones to meet changing consumer preferences. Strong growth for USB chargers is witnessed owing to universal compatibility and ability to charge multiple devices from a single charger. Portable battery packs are also gaining demand as smartphone battery lives struggle to match increased usage times.
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Growing consumer preference for protective covers and cases to prevent phone from damages like scratches, cracks, and bumps is driving the growth of this segment.
The multi-brand store segment held the major share of the distribution channel segment in 2024. Ease of availability of different brands and models of phone accessories from a single store is a key factor supporting the growth of this segment.
Key Market Takeaways:
The global mobile phone accessories market is anticipated to witness a CAGR of 7.3% during the forecast period 2021-2028, owing to the growing sales of smartphones and increasing consumer awareness about protective accessories.
On the basis of product type, protective case segment is expected to hold a dominant position, owing to the increasing need to protect expensive smartphones from accidental damages. On the basis of distribution channel, multi-brand stores segment is expected to hold a dominant position over the forecast period, due to the availability of wide range of brands under one roof.
On the basis of price range, premium accessory segment is expected to dominate the market, due to increasing demand for high-quality accessories with additional features. Regionally, North America is expected to hold a dominant position over the forecast period, owing to high smartphone penetration and frequent upgrades to latest models in countries like US and Canada.
Key players operating in the mobile phone accessories market include Panasonic Corporation, JVCN Kenwood Corporation, Sennheiser Electronics GmbH & Co. KG, Energizer Holdings, Inc, Sony Corporation, Plantronics, Inc., Samsung Electronics Co., Ltd., BYD Co Ltd., Apple Inc., and Bose Corporation. These players are expected to dominate the market with their extensive distribution networks and continuous innovation.
Recent Developments:
In July 2021, OnePlus Technology Co., Ltd, announced the launch of OnePlus Buds Pro, a wireless earphone.
In July 2021, Nothing launched Nothing ear 1 a wireless earphone with advanced 11.6 mm driver and sensitive touch control.
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Detailed Segmentation-
By Product Type: Protective Case:
- Headphone/ Earphone
- Charger
- Battery
- Memory Card
- Power Bank
- Portable Speaker
- Others
By Distribution Channel: Multi-Brand (Organized Store:
- Independent Store)
- Single Brand Store
- Online Store
By Price Range: Premium:
- Mid
- Low
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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Coherent Market Insights
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