According to a new report by Allied Market Research, titled, Global Mobile Phone Accessories Market by Product type, Distribution Channel, and Price Range: Global Opportunities Analysis and Industry Forecast, 2017-2025, the global mobile phone accessories market was valued at $217,278 million in 2016, and is projected to reach at $255,149 million by 2023, growing at a CAGR of 2.3% from 2017 to 2023.
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Mobile phone plays an important and vital 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 growth of the mobile phone accessories market.
In 2016, the headphones type segment dominated the market, in terms of revenue, due to the strengthening economic condition and government initiatives to boost and support digital infrastructure, which further influences the mobile phone penetration across the market. This in result creates positive impact on the usage of headphones.
Asia-Pacific was the highest revenue contributor to the global mobile phone accessories market in 2016, accounting for around 46.50% share, due to the rapid technological advancements and increase in the adoption of smartphones.
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 Findings of the Mobile Phone Accessories Market:
- The headphones segment accounted for the highest share in 2016 with $60,743.0 million, growing at a CAGR of 2.5% from 2017 to 2025.
- The offline segment generated the highest revenue, accounting for $157,332 million in 2016.
- Asia-Pacific is expected to dominate the market, in terms of market share of 46.50%, during the forecast period.