According to a new report by Allied Market Research, titled, "Mobile Phone Accessories Market by Product Type, Distribution Channel, and Price Range: Global Opportunity Analysis and Industry Forecast, 2019–2026," the global mobile phone accessories market size was valued at $224.69 billion in 2018, and is projected to reach at $284.06 billion by 2026, growing at a CAGR of 3.1% from 2019 to 2026.
Mobile phone plays 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. Rise in demand for wireless accessories drives the mobile phone accessories market growth. Various features with the advancement of technology such as AI and IoT makes way for hyper connectivity and intelligence in the electronic devices. This has promoted the use of wireless mobile accessories such as smart wearable, smart speakers, and wireless headsets & earphones, among others.
On the go devices are the mobile accessories that can be connected to the smart phones through cords or through wireless technologies. These devices allow users to access information on their smart phones through these devices. For instance, smart watches connected to the smartphones provide access to messages, calls, and other functionalities of smartphones just from the wrist of the user on which it is tied upon. Thus, the convenience provided by OTGs is expected to widen the future market of mobile accessories. Furthermore, improvement in build technology in terms quality, miniaturization of dimension, and appealing designs is expected to influence the OTG devices 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 channel 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 channel in the mobile phone accessories market.
In 2018, headphone segment dominated the mobile phone accessories market, in terms of revenue, due to the increase in usage of portability, comfort level for its use, ability to connect to the smartphones over Bluetooth, Wi-Fi, radio frequency, and compatibility with other electronic devices have increased the adoption of this segment in the market. The demand for these devices has increased over the past few years due to its easy accessibility and compatibility with other audio systems over Bluetooth or Wi-Fi connectivity. The advancement of headphone devices has provided user next level hands free experience. Apple, Inc. and Bose Corporation are some of the major players in this segment and popular brands marketed by them are Bose SoundSport, JBL, Soundcraft, and Studer. Asia-Pacific was the highest revenue contributor to the global mobile phone accessories industry in 2018, due to the rapid technological advancements and increase in the adoption of smartphones.
Key Findings of the Study:
- The headphone segment accounted for the highest share in 2018 growing at a significant rate from 2019 to 2026.
- The offline segment generated the highest revenue in 2018.
- Asia-Pacific is expected to dominate the mobile phone accessories market during the forecast period.
The report features a competitive scenario of the global mobile phone accessories market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players profiled in the report are Panasonic Corporation, Sennheiser Electronic GmbH & Co. KG, Sony Corporation, Samsung Electronics Co., Ltd., Apple Inc., Bose Corporation, BYD Co Ltd., Plantronics, Inc., Energizer Holdings, Inc., and JVC Kenwood Corporation. Key players spend heavily on developing innovative accessories to gain mobile phone accessories market share.