The Global Mobile Phone Accessories Market is estimated to be valued at US$ 122.96 Bn in 2024 and is expected to exhibit a CAGR of 7.3% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Mobile Phone Accessories are Panasonic Corporation, JVC Kenwood Corporation, Sennheiser Electronic GmbH and Co. KG, Energizer Holdings, Inc., Sony Corporation, Plantronics, Inc., Samsung Electronics Co., Ltd., BYD Co Ltd., Apple Inc., and Bose Corporation. These players are focusing on new product launches and innovations for sustainable growth in the market.
The key opportunities in the market include rising demand from millennials and Generation Z for advanced accessories, increasing sales through online retailing channels, and growing demand for premium and customized accessories. Technological advancements like wireless chargers, smart accessories with IoT connectivity, and accessories compatible with 5G networks present significant growth prospects.
Market Drivers
The rapid adoption of smartphones worldwide is the key driver for the India Mobile Phone Accessories Market Demand. Mobile phone shipments reached over 1.57 billion units globally in 2021 according to Gartner estimates. As the number of smartphone users increases, the demand for supporting accessories to enhance user experience also rises significantly. Other major drivers include rising disposable incomes, increasing Internet and smartphone penetration, and growing demand for consumer electronics worldwide. The COVID-19 pandemic has also accelerated digital transformation and increased screen time worldwide, augmenting demand. Continuous innovations and upgrades in smartphone features necessitate accessory upgrades as well.
Current challenges in Mobile Phone Accessories Market
The mobile phone accessories market is facing challenges due to rising demand for advanced features in smartphones and accessories. Manufacturers are under pressure to develop cutting-edge accessories that can seamlessly sync with evolving smartphone technologies. Moreover, continuous upgrades in mobile connectivity standards such as 5G pose design and development hurdles. Imitation of designs by local manufacturers impacts the market share of major brands. Stiff competition and aggressive pricing by Chinese manufacturers have impacted the profitability of established brands. Consumers often prefer affordability over brand names, motivating price wars among accessories makers.
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