Mobile Phone Accessories Market to Grow at a CAGR of 6.0% during the 2023 to 2031 Forecast Period: TMR Study

WILMINGTON, DE / ACCESSWIRE / June 13, 2023 / States Transparency Market Research Inc. - The global mobile phone accessories market stood at US$ 278.7 billion in 2022 and the global market is projected to reach US$ 469.6 billion in 2031. Global mobile phone accessories devices industry is anticipated to expand at a CAGR of 6.0% between 2023 and 2031.

Mobile accessories market is anticipated to expand due to the increasing demand for smartphones as they are an effective means of communication around the globe driving the market in the forecast period.

The rise in demand for wireless devices, coupled with frequent changes in technologies, is expected to drive the market in the near future. Companies are coming up with the latest technologies such as wireless headsets and speakers as this has boosted the market demand for the industry in recent times.

The increase in 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.

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Market Snapshot:

Key Takeaways of Market Report

• Global mobile accessories market to generate absolute dollar opportunity worth US$ 469.6 billion until 2031.
• Global mobile accessories market from 2023 to 2031 is 6.0%
• Global mobile accessories market is currently valued at US$ 290 billion in 2023.
• Global mobile accessories market stood at US$ 278.7 billion in 2022.
• Market value of the global mobile accessories market management from 2018 to 2022 is 4.68%
• North America is said to have a market share of 23.2%
• Asia Pacific market region is estimated to have a market share of 46.2%

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Global Mobile Phone Accessories Market: Growth Drivers

• Consumers are spending more on mobile phone accessories such as mobile cases, earphones, and selfie sticks due to the increase in disposable income globally.
• Mobile phone accessories such as mobile cases & covers, and headsets, which can be customized, are viewed as fashion accessories by the younger population and are current mobile phone accessories market trends, which is further driving the global mobile phone accessories market growth.
• People's lives are nowadays revolutionizing on smartphones, as the digital world continues to advance quickly. Smartphones have developed to become a highly advanced way of communication i.e., instant communication including SMS, text messaging, calls, video chat, and applications enable users to connect with anyone, anywhere.
• The availability of smartphone accessories through online channels is also raising the market progress, as they provide consumers with ease of buying as well as wider buying options. Manufacturers are able to cater to a larger number of end-users through the online channel.

Global Mobile Phone Accessories Market: Regional Landscape

• Asia Pacific led the market with a share of 46.2% and is anticipated to witness significant growth in the near future wherein, Asia Pacific, China contributed to the majority of the share and accounted for 55.2% share during the forecast period.
• High usage of different types of mobile accessories, innovation of different products at lower rates, and China being the leader of the mobile phone industry are the prominent factors for market growth in the region.
• Mobile phone accessories market size in North America is anticipated to rise in the next few years due to a substantial demand for mobile phone accessories such as cases, power banks, and earphones, leading to significant mobile phone accessories market share of these regions.

Global Mobile Phone Accessories Market: Key Players

• Bose Corporation and Lexie Hearing, a direct-to-consumer hearing aid provider in the United States, have announced a partnership for bringing Bose's self-fitting hearing aid technology to the Lexie Hearing product line. With this partnership, Lexie Hearing aims to present an exciting evolution to its products and also aims to make hearing aid products accessible to all its end consumers.
• 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

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Global Mobile Phone Accessories Market: Segmentation

• Type
  • Power Bank
  • Headset
  • Earphones
    • Wired
    • Wireless
  • Mobile Battery
  • Screen Protector
  • Portable Speaker
  • Cases and Covers
  • USB Cable & Adapter
  • Phone Stand
  • Others (Selfie Sticks, Phone Charms & Straps, etc.)
• Category
  • Branded
  • White Label Brand
• Price
  • Low
  • Medium
  • High
• Distribution Channel
  • Online
    • E-commerce Websites
    • Company-owned Website
  • Offline
    • Supermarkets/Hypermarkets
    • Branded Stores
    • Other Retail Stores
• Regions Covered
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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