The global mobile phone accessories market is projected to witness remarkable growth in the coming years owing to increasing sales of smartphones across the globe. Mobile phone accessories are hardware or software components that enhance functionalities and protect the phone from damage. Most of the accessories are usually not sold along with smartphones but they are essential enough to use the device in the best possible manner. Hence, consumers purchase these products as per their requirement and usability.
Increasing use of smartphones to access internet is anticipated to propel demand for compatible accessories among consumers. High-quality headphones and fast chargers are the popular mobile accessories among smartphone users. Consumers use headphones to listen to their favorite music or to attend calls, whereas fast chargers support consumers while traveling long distances. This, in turn, can boost demand for innovative mobile phone accessories. Introduction of wireless headphones based on Bluetooth technology and wireless mobile chargers are expected to gain traction among consumers. Moreover, increasing use of mobile as a status symbol among consumers can propel demand for aesthetic and protective cases. Consumers are likely to prefer electronic devices that are lightweight and slim. Protective accessories, such as cover, screen guard, and tampered glass, can protect these devices from possible damages. This, in turn, can boost sales of innovative yet affordable mobile phone accessories in the coming years.
High competition from local market players offering low-priced accessories to consumers can hamper market growth. Lack of brand awareness and low adoption of mobile phones in rural areas can also obstruct market growth. However, growth of the e-commerce sector across the globe and availability of branded products on e-commerce websites can create lucrative opportunities for the market.
The market can be segmented on the basis of product type, distribution type, and price range. Based on product type, the market can be categorized into mobile chargers, power banks, headphones or earphones, case or cover, portable speakers and others. In terms of distribution type, the market can be bifurcated into online and offline. Online channels are popular among consumers owing to convenience and availability of accessories at discounted prices. On the basis of price range, the market can be classified into medium, low, and high.
Asia Pacific is likely to witness significant growth in the coming years owing to increasing number of smartphones users. Consumers are likely to purchase accessories, such as headphones, selfie-stick, and tampered glass, which are not sold along with smartphones. This, in turn, can boost regional market growth in the coming years. In addition, presence of leading manufacturing companies, including Xiaomi and Nokia, offering high-quality accessories at affordable prices can impel market growth in the region. For instance, Xiaomi launched a new Bluetooth collar earphone that is lightweight and affordable for customers. The device comes with a semi in-ear design, which make its comfortable to wear. In addition, it offers up to seven hours of continuous playback with just one hour of complete charge. Similarly, the company claimed that it has managed to sell around 100 million units of MI power banks across the globe.
North America is anticipated to emerge as one of the promising regions in the coming years owing to presence of a large number of iPhone users. Consumers are likely to purchase different types of accessories available in the market. Launch of innovative products by manufacturing companies can gain traction among consumers. For instance, Apple launched rechargeable battery cases for its new iPhones. These cases are available in two colors, black and white. Consumers can use these cases to extend the battery backup of their devices. In addition, company is likely to launch a new version of AirPods, which offers wireless charging and personal assistant Siri.
Some of the leading companies operating in the mobile phone accessories market are Xiaomi Technology India Private Limited, Samsung India Electronics Pvt. Ltd., Sony India Private Limited, Bose Corporation, and Sennheiser Electronic GmbH & Co. KG.
Research Support Specialist, USA