Global Mobile Accessories Market Overview, 2024-29

Global Mobile Accessories Market Overview, 2024-29

The global proliferation of smartphones serves as the foundation for the mobile accessory market. As smartphones become more integrated into daily life, there is a greater desire for accessories that improve their usage, protection, and customization. Furthermore, users want to distinguish their mobile devices from others, which fuels the need for unique accessories. Phone cases, skins, and pop sockets enable users to express their unique style and preferences, thereby contributing to the expansion of the accessory sector. Aside from that, as smartphones get more complex and pricey, consumers want to protect their investments. Protective cases, tempered glass screen protectors, and tough accessories solve these problems, extending the life of smartphones. Furthermore, as mobile devices have expanded beyond communication tools to incorporate different elements of modern life, the need for accessories that support this evolution is growing. Car mounts, wireless earphones, and portable power banks accommodate customer’s mobile lives and connectivity needs. In accordance with this, the proliferation of e-commerce platforms allows users to easily acquire a large range of mobile accessories. Customers can discover and buy accessories from all over the world thanks to online marketplaces, which are supporting industry expansion. Furthermore, the endorsement of mobile accessories by influencers and celebrities raises their exposure and appeal to customers. This trend creates demand since people want to mimic the choices of their favourite celebrities. Furthermore, the ongoing progress of mobile device technologies encourages the creation of appropriate accessories. Wireless charging, high-resolution displays, and increased audio capabilities lead to the development of accessories that complement these features, such as wireless chargers, screen protectors, and high-quality headphones.

According to the research report, “Global Mobile Phone Accessories Market Overview, 2029” published by Bonafide Research, the market is anticipated to cross USD 290 Billion by 2029, increasing from USD 188.14 Billion in 2023. The market is expected to grow with 7.68% CAGR by 2024-29. The increasing usage of smartphones has served as a main stimulus for the worldwide mobile phone accessories market's rapid expansion. Smartphones have evolved from luxury products to essential tools for communication, productivity, and entertainment, with a growing global user base. As more people use smartphones in their daily lives, the demand for mobile phone accessories has increased, resulting in a robust and dynamic market environment. Smartphones are versatile gadgets that can be used for communication, photography, gaming, and a variety of other purposes. This versatility has resulted in a wide range of accessories meant to improve and personalize the user experience. Protective cases and screen protectors, for instance, have become critical in keeping these precious electronics safe from scratches, drops, and other potential harm. As smartphones continue to evolve with technological advancements, the accessories market evolves in tandem, offering solutions that complement the latest features and functionalities. Furthermore, the emergence of e-commerce platforms has made it easier for consumers to research and purchase a wide range of mobile phone accessories that meet their needs and tastes. The simplicity of internet shopping has helped to democratize the accessory sector, allowing a global audience to engage in this thriving business. In essence, the symbiotic relationship between smartphone adoption and the mobile phone accessory business emphasizes the critical role that these accessories play in augmenting, modifying, and safeguarding the ubiquitous gadgets in our connected society. As smartphone ownership grows worldwide, the need for creative and diversified accessories is expected to rise, fueling additional innovation and market expansion.

Market Drivers

• Increased penetration of smartphones: Smartphones have become indispensable tools for communication, productivity, entertainment, and more, and people are increasingly looking for methods to improve their device's capabilities and aesthetics. This need has prompted the creation of a diverse range of accessories, such as protective cases, screen shields, and portable chargers. As smartphone ownership becomes practically ubiquitous, organizations in the mobile accessory market face a large and diverse customer base to address. The need to distinguish gadgets from one another and protect investments drives the demand for accessories that provide usefulness, flair, and personality.

• Rise in disposable income: The higher trajectory of disposable income levels around the world has emerged as a key factor driving the robust expansion of the global mobile phone accessories industry. As economies grow and personal earnings improve, customers are more likely to invest in high-quality, feature-rich cellphones. This explosion in smartphone usage is matched by a corresponding increase in demand for accessories that enhance and personalize user experiences. Consumers with higher disposable incomes are more inclined to invest in high-quality, visually appealing mobile phone accessories. This comprises a wide range of things, such as designer phone cases, high-end headphones, and unique charging methods. Premium accessories are frequently chosen for their greater functionality, durability, and a touch of personal style, reflecting the individual's lifestyle and preferences. Moreover, the correlation between disposable income and the prevalence of multiple smart devices further fuels the demand for mobile phone accessories.

Market Challenges

• Fragmented market landscape and intense competition: The global mobile phone accessories industry is fragmented, with competitors ranging from small-scale producers to multinational organizations. This fragmentation creates fierce competition, making it difficult for enterprises to differentiate their products and stand out in a crowded industry. Furthermore, counterfeit products intensify competition by undercutting legitimate enterprises and eroding consumer trust.

• Rapid technological advancements and short product lifecycles: The mobile phone accessory market is distinguished by rapid technological breakthroughs and short product lifecycles, which present considerable challenges to mobile phone accessory makers. As smartphones evolve with new features, designs, and form factors, accessory manufacturers must update their devices to meet changing consumer preferences and compatibility needs. Furthermore, the launch of new smartphone models makes old accessories outdated, resulting in inventory write-offs and supply chain disruptions.

Market Trends

• Integration of smart and connected accessories: The incorporation of smart and connected technology into mobile phone accessories is revolutionizing how users interact with their devices. Smart accessories like wireless earphones with built-in voice assistants, smartwatches with health monitoring functions, and Bluetooth-enabled tracking gadgets are becoming increasingly popular. These attachments improve functionality, convenience, and connectivity, allowing users to easily control their devices and access information while on the road. As IoT (Internet of Things) technology advances, the market for smart and connected accessories is likely to expand, opening up new potential for innovation and personalization.

• Rise of wireless charging solutions: Wireless charging technology is gaining traction in the mobile phone accessory industry, providing customers with a simple and cable-free charging option. Wireless charging pads, stands, and mats that work with Qi-enabled smartphones are gaining popularity, eliminating the need for standard wired chargers. Wireless charging acceptance is fueled by the proliferation of Qi-compatible smartphones, advances in charging efficiency, and the incorporation of wireless charging capabilities into furniture and automobile interiors. As wireless charging technology improves and becomes more widely available, the market for wireless charging accessories is expected to rise significantly.

In terms of product segment market is segmented into headphone/earphone, screen guard, charger, power bank, protective case, portable speaker and others. Protective case segment is expected to grow at fastest rate in global mobile phone accessories market. Based on distribution channel segment market includes offline and online. Online distribution channel is predicted to grow at fastest rate in global mobile phone accessories market.

Consumers are more conscious of the necessity of protecting their smartphones, which are frequently large investments. Awareness campaigns, educational attempts, and personal experiences with broken devices have all highlighted cellphones sensitivity to common risks. As a result, users are actively seeking protective cases to extend the life of their devices and preserve their resale value. With the global proliferation of smartphones, the demand for protective cases for these devices is fast increasing. As smartphones become more important instruments for communication, work, and entertainment, users are investing in accessories such as protective covers to protect their costly devices from damage caused by accidental drops, scratches, or impacts. The mobile phone market provides a wide choice of device models, sizes, and form factors, including standard smartphones, tablets, and foldable devices. Each device type requires specific protection tailored to its design and dimensions. Protective case manufacturers are innovating to offer a wide variety of cases compatible with different device models, ensuring that consumers can find suitable protection regardless of their device preferences. As worldwide internet penetration rates climb, so does smartphone ownership, giving more customers access to online shopping platforms. Consumers are becoming more comfortable using smartphones to search, compare, and buy mobile phone accessories online. Consumers can easily shop from a worldwide marketplace through online distribution channels, giving them access to products from all over the world. This global reach enables customers to discover unusual and specialized accessories that are not available locally. Cross-border buying also allows consumers to take advantage of currency changes and competitive pricing in other countries.

Based on report market includes five major regions North America, Europe, Asia-Pacific, South America and Middle East & Africa. North America is expected to grow at fastest rate in global mobile phone accessories market.

Mobile phones are at the cutting edge of innovation in an ever-changing technological environment. However, the true versatility and functionality of these devices can often be found in the numerous attachments available to increase their performance, aesthetics, and user experience. North America's tech-savvy populace and increasing smartphone industry create a dynamic environment for mobile phone accessories. Mobile phone accessories have progressed from optional add-ons to essential companions for smartphone consumers. A number of factors contribute to the increasing demand for these commodities. For starters, the tremendous expansion of smartphones in North America has resulted in a significant consumer base seeking accessories to match their devices. Consumer preferences in the North American mobile phone accessory industry are constantly shifting, affected by design trends, technological advancements, and lifestyle changes. For example, the growing emphasis on sustainability and eco-friendliness has boosted demand for items created from recycled materials or with minimal environmental impact. Furthermore, advances in wireless technology have increased demand for wireless charging pads, Bluetooth headphones, and other wireless accessories. Consumers are increasingly interested in accessories that are convenient, portable, and seamlessly connected with their devices. The arrival of e-commerce changed the retail sector, providing consumers with unparalleled convenience and access. Online marketplaces like Amazon, eBay, and Shopify have become key outlets for the sale of mobile phone accessories, offering a large assortment of products from both established brands and independent sellers.

The market presents moderate to low entry barriers due to the presence of a large number of unstructured dealers in the market. The market is further driven by innovation in technology, mergers & acquisitions, and joint ventures. For instance, the one plus brand comes with fast chargers compatible with their phones. Afterward, the manufacturer of such devices has come up with chargers that are compatible with all the devices and charge the device fast. The companies also spend a huge chunk of their revenue on research and development as the industry witnessed frequent changes in technologies. In order to gain a competitive edge, the market players require an understanding of the need for the product among the consumers. There are many local and international players in the highly competitive market for mobile phone accessories. To meet consumers' growing demand, businesses are continuously investing in R&D to introduce cutting-edge mobile phone accessories. Additionally, businesses are concentrating on strategic alliances and collaborations to increase their market presence and appeal to a larger consumer base. Additionally, the increasing trend of mobile phone accessories as a fashion statement among consumers is prompting companies to focus on product design and aesthetics to differentiate them.

Recent Developments

• In May 2023, Samsung Electronics announced a $205 billion investment plan over the next three years to strengthen its semiconductor business and enhance its mobile device offerings.
• In March 2023, Apple unveiled its AirTags, small Bluetooth tracking devices that can be attached to personal items, enabling users to locate them through their iPhones.
• In February 2023, Xiaomi announced a partnership with Qualcomm to develop and launch a new lineup of 5G-enabled smartphones, leveraging Qualcomm's advanced mobile technologies.
• In January 2023, Belkin International, a leading mobile accessory company, acquired Wemo, a smart home automation brand, to expand its product offerings and strengthen its presence in the IoT market.
• In April, 2023, Samsung Electronics announced the launch of its new Galaxy Buds Pro. The active noise canceling features on the Galaxy Buds Pro is said to filter out up to 99% of background noise. With this new launch, the company aims to provide a wider option to its end consumers.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Mobile Accessories market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Product Type
• Headphone/Earphone
• Screen guard
• Charger
• Power Bank
• Protective Case
• Portable Speaker
• others

By Distribution Channel
• Offline
• Online

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the Mobile Accessories industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.
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