Mobile Phone Accessories Market is likely to grow at a CAGR of 6.7% through 2031 | Few Factors can Restrain the Growth

The mobile phone accessories market includes protective case, headphone/earphone, charger, battery, memory card, power bank, portable speaker, and ‘others’.

Protective cases are currently the most popular of these goods, accounting for one-fifth of the whole market in 2014. During the projected period 2021-2031, FMI expects increasing demand for protective cases.

The inability of today’s smartphone batteries to survive prolonged use has resulted in a high demand for power banks. Due to strong demand, the power bank segment is predicted to grow by 230 BPS and acquire market share throughout the projection period. The power bank market is also predicted to develop at the fastest rate, with a CAGR of 6.7 percent between 2021 and 2031.

The global mobile phone accessories market is being driven by increased smartphone ownership and the proliferation of multi-brand distributors and retailers.

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In growing economies like China, India, Brazil, and Indonesia, smartphone sales are booming. Shipments of smartphones climbed from 1.1 billion in 2013 to 1.2 billion in 2014. China received about 45 percent of the 1.2 billion units. According to FMI, the growing popularity of smartphones will drive secondary demand for accessories such as power banks and protective cases that aren’t generally included in the box.

In addition to multinational names, regional players such as Xiaomi and Micromax compete in the smartphone market in emerging markets. According to FMI’s analysis, local players provide fewer mobile accessories in their products than multinational manufacturers in order to keep pricing competitive.

As a result, the majority of users purchase mobile accessories from local markets or e-commerce websites. During the forecast period, an increase in the sales of smartphones developed by local manufacturers is likely to boost the mobile phone accessories market.

Multi-brand distributors and merchants have mushroomed, allowing mobile phone accessory producers to reach a bigger customer base. Furthermore, e-tailer sales of mobile phone accessories are adding to the market’s global expansion. During the projection period, FMI anticipates both multi-brand stores and e-commerce stores to increase, giving the worldwide mobile phone accessories market a boost.

Although FMI maintains a positive outlook on the global mobile phone accessories market, few factors can restrain the growth during the forecast period.

The market’s revenue share is being eaten away by a lack of severe inspections on unauthorised accessories. Manufacturers find it tough to compete with pirated mobile accessories because they are sold at a fraction of the cost of legitimate products.

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There is currently a lack of uniformity in the technology and components utilised in the production of mobile accessories. Undefined market standards lead to significant product and price differentiation, which may stifle the mobile accessories market’s growth.

Growing demand in Asia and a flurry of mergers and acquisitions are among the significant trends FMI has identified in the global mobile phone accessories industry. Other key trends in the global mobile phone accessories market are diversification of product portfolios and product innovation.