Global mobile phone accessories market size set to grow at 6.8% from 2023 – 2030
By Ibidunni Banjoko
The global mobile accessories market size has been valued at USD 88.07 billion in 2022 and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 6.8% from 2023 to 2030.
This is according to the new report by grand view research market analysis report. The mobile accessories market is expected to grow due to the increasing demand for smartphones as they are an effective means of communication around the globe. This is expected to drive the market in the forecast period. Furthermore, increasing demand for wireless devices, coupled with frequent changes in technologies, is expected to drive the market in the near future. For instance, companies are coming up with the latest technologies such as wireless headsets and speakers. This has boosted the market demand in recent times. The world witnessed severe supply chain disruptions since the COVID-19 outbreak.
Grand view research stated: “Disturbances in the overall smartphone market affected the growth of the mobile accessories market as well as fewer shipments of smartphones translated into dwindling demand for mobile phone accessories. The lockdown resulted in reduced sales growth. However, even though the lockdown heavily affected the supply of these products, the impact was merely temporary as the mobile accessory market started to witness a recovery in sales when the restrictions were lifted.”
However, in 2021, mobile accessories such as headphones and earphones witnessed a steady demand after the lifting of restrictions. As a large section of the working population was confined to their homes, need for the mobile accessories for work, exercise, gaming, and studying saw an unprecedented surge. Furthermore, the increasing use of OTT platforms such as Netflix and Amazon Prime Video also caused a spike in the sales of mobile accessories during that period.
Furthermore, increasing demand for wireless devices, coupled with frequent changes in technologies, is anticipated to boost sales for mobile accessories. For instance, companies are coming up with the latest technologies such as wireless headsets and speakers. This has boosted the market demand for the industry in recent times. Also, the increasing adoption of smartphones among teenagers has increased the demand for certain accessories such as mobile covers and headphones as they keep themselves updated with the changing technologies in the market.
The report added that the growth in the young working population has also fueled market growth to a great extent in recent times. The women consumer group prefers to change their phone covers frequently, which in turn, impacts the overall market growth. On the other hand, the men’s consumer group prefers to change to other accessories such as headphones and fast chargers.
“The fact that the products make the usage of mobile phone simpler and smooth thereby making them popular among consumers. For instance, the introduction of smartwatches has made it simpler to see the notification and calls without taking out the phone from the pocket. The innovation of power banks has made it simpler for consumers who use smartphones extensively and travel frequently,” the report stated.
“Increasing quality and features of smartphones with decreasing prices have led to an increase in the number of consumers for the product, which eventually increases the demand for safety and security of the phones as the consumer in modern times is less bothered to go the extra mile to keep their phone safe, trendy, and vogue. An increase in internet penetration, coupled with artificial intelligence incorporated by online retailers that give pop-up notifications to the users about the product is also a prominent factor for the market growth.
“The protective cases segment accounted for a leading share of 31.7% in 2022 and is expected to witness significant growth in the near future. Increasing demand for the cases due to frequent changes in the product in the female consumer group is anticipated to drive the market.
Furthermore, innovation in the material type compatibility of the cases with certain smartphones, such as apple, prefers special kinds of cases to highlight the logo on its back. This is propelling the demand for mobile accessories in the forecast period.
“The headphone segment is expected to register a CAGR of 7.3% during the forecast period. One of the most developing trends in the mobile industry at present is the growing sophistication of headphones, which is also fueling the market growth for unconditional connectors such as type-c USB Ports cables. Growing fitness consciousness among the young population has driven demand for sports and fitness headphones in recent times. The popularity of cheap headphones has increased among the economical consumer group due to the rise in traveling trends standalone,” the report revealed.
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