Mobile Phone Accessories Market to Reach $284.06 Bn, Globally, by 2026 at 3.1% CAGR: Allied Market Research – PRNewswire
PORTLAND, Ore., Jan. 25, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Mobile Phone Accessories Market by Product Type (Battery, Headphone/Earphone, Portable Speaker, Charger, Memory Card, Protective Case, Power Bank, Battery Case, Screen guards, Popsockets, and Others), Distribution Channel (Online and Offline), and Price Range (Premium, Mid, and Low): Global Opportunity Analysis and Industry Forecast, 2019–2026.” According to the report, the global mobile phone accessories industry was estimated at $224.69 billion in 2018, and is anticipated to hit $284.06 billion by 2026, registering a CAGR of 3.1% from 2019 to 2026.
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Drivers, restraints, and opportunities-
Increase in usage of smart mobile phones, emergence of smart wireless accessories, and advancements in gaming accessories drive the growth of the global mobile phone accessories market. On the other hand, surge in penetration of counterfeit products and trade war between the developed nations impede the growth to some extent. However, technological developments in imaging and photographic accessories are projected to pave the way for lucrative opportunities in the industry.
- The outbreak of the pandemic gave way to distorted supply chain across the world, the production and manufacturing facilities were also disrupted in the majority of countries, which impacted the global mobile phone accessories market negatively.
- However, as the global situation comes back to normalcy, the market is anticipated to recoup soon.
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The headphones segment dominated the market in 2018-
Based on product type, the headphones segment dominated the market in 2018, contributing to nearly one-fourth of the global mobile phone accessories market, owing to growing penetration of IoT and AI in headphones. However, the battery cases segment is expected to showcase the fastest CAGR of 7.3% during the forecast period. Advancements in display and applications have inculcated the demand for additional battery requirements for mobile phones and other accessories, which in turn has augmented the demand for battery cases too, thereby driving the segment growth.
The premium range segment to remain lucrative throughout the forecast period-
Based on price range, the premium range segment held the major share in 2018, garnering nearly three-fifths of the global mobile phone accessories market. The same segment is also expected to manifest the fastest CAGR of 3.9% during the forecast period. This is due to the fact that high disposable income in the developed economies influences the sale of premium range products.
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Asia-Pacific, followed by North America, to maintain the lion’s share-
By geography, the market across Asia-Pacific, followed by North America, generated the highest share in 2018, holding nearly half of the global mobile phone accessories market. The region is also expected to cite the fastest CAGR of 3.6% throughout the forecast period. Increasing disposable income among individuals and emergence of top-end smartphone brands drive the demand for mobile phone accessories in the Asia-Pacific region, thereby boosting the market growth.
Key players in the industry-