The global smartphone accessories market is expected to witness significant growth in coming years owing to increasing purchasing power of individuals, high adoption of smartphones, and their ability to provide effective digital connectivity. Delicate and vulnerable nature of lightweight smartphones has increased the need for protecting them from physical damage. Consumers are extensively preferring several protective accessories, such as screen guards, tampered glasses, and protective cases. In addition, increasing demand for aesthetically designed protective cases is expected to augment the market growth. For instance, Speck launched a range of protective cases for both the Google Pixel 3 and Pixel 3 XL. These new cases are based on Presidio Stay Clear, intended to resist all types of UV-yellowing and discoloration.
Improvement in key aspects, such as performance, features, and maintenance of smartphones is anticipated to drive the market. In addition, continuous technological advancements and increasing need for effective maintenance of mobile phones among individuals are likely to foster the market growth in future. Compatibility and interchangeability of mobile phone accessories allow consumers to select from a wide range of products. Memory cards, batteries, chargers, headsets or earphone, protective cases, portable speakers, and power banks are the key product types in the market. Power bank is leading the market owing to high usage of phone and lack of inadequate charging points in various areas. For instance, Duracell launched a range of portable power banks, which are available in three sizes 10,050mAh, 3,350mAh, and 6,700mAh. They include features such as a 4-level LED indication to check battery life, overvoltage protection, dual safety circuits, flame retardant case, and over temperature protection.
Demand for technologically advanced smartphone accessories and increasing R&D spending in wireless connectivity are anticipated to have a positive impact on the market growth. Bluetooth handsets and portable speakers are likely to gain traction among users. Preference for portable devices, such as smartphones and tablets, to listen music or watch video on streaming platforms, such as YouTube is expected to increase demand for portable mobile speakers and wireless chargers in coming years.
Growing usage of smartphones, portable music players, and headsets have increased demand for wireless accessories. One of the major restraining factors in the market could be continued or prolonged use of head-phones at high-volume affecting the hearing ability of user. However, technological developments, such as Bluetooth/NFC speakers, introduction of noise cancelling technology, and light in selfie sticks, are anticipated to present novel growth opportunities in the market.
Asia Pacific is a prominent region in the market due to increasing migration of rural population to urban areas, growing usage of internet, and rising popularity of social media in countries, such as China and India. India is a key contributor to the growth on account of increase in purchasing capacity of individual and growing popularity of online shopping among masses. Online store has emerged as the prominent distribution channel owing to availability of newest accessories at competitive prices.
Latin America is expected to emerge highly lucrative on account of rising urban population. Countries, such as Mexico, Brazil, and Argentina are the key contributors to the regional growth. North America is likely to witness significant growth in the market owing to high demand in countries, such as Canada and U.S.
Some of the prominent companies operating in the smartphone accessories market are Samsung Electronics, Panasonic Corporation, Sony Corporation, Griffin Technology, and Bose Corporation. High demand for phone accessories and growing profit margins of products are likely to encourage manufacturers for novel product introduction. Phone accessories have become a style statement, which has, in turn, compelled various branded stores to offer a wide range of unique and trendy products.
Research Support Specialist, USA