Mobile Accessories Market (2023 - 2030)

Mobile Accessories Market Summary

Furthermore, increasing demand for wireless devices, coupled with frequent changes in technologies, is expected to drive the market in the near future. For instance, companies are coming up with the latest technologies such as wireless headsets and speakers. This has boosted the market demand in recent times. The world witnessed severe supply chain disruptions since the COVID-19 outbreak.

Disturbances in the overall smartphone market affected the growth of the mobile accessories market as well as fewer shipments of smartphones translated into dwindling demand for mobile phone accessories. The lockdown resulted in reduced sales growth. However, even though the lockdown heavily affected the supply of these products, the impact was merely temporary as the mobile accessory market started to witness a recovery in sales when the restrictions were lifted.

However, in 2021, mobile accessories such as headphones and earphones witnessed a steady demand after the lifting of restrictions. As a large section of the working population was confined to their homes, need for the mobile accessories for work, exercise, gaming, and studying saw an unprecedented surge. Furthermore, the increasing use of OTT platforms such as Netflix and Amazon Prime Video also caused a spike in the sales of mobile accessories during that period.

Furthermore, increasing demand for wireless devices, coupled with frequent changes in technologies, is anticipated to boost sales for mobile accessories. For instance, companies are coming up with the latest technologies such as wireless headsets and speakers. This has boosted the market demand for the industry in recent times. Furthermore, the increasing 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.

The growth in the young working population has also fueled market growth to a great extent in recent times. The women consumer group prefers to change their phone covers frequently, which in turn, impacts the overall market growth. On the other hand, the men's consumer group prefers to change to other accessories such as headphones and fast chargers.

The fact that the products make the usage of mobile phone simpler and smooth thereby making them popular among consumers. For instance, the introduction of smartwatches has made it simpler to see the notification and calls without taking out the phone from the pocket. The innovation of power banks has made it simpler for consumers who use smartphones extensively and travel frequently.

Increasing quality and features of smartphones with decreasing prices have led to an increase in the number of consumers for the product, which eventually increases the demand for safety and security of the phones as the consumer in modern times is less bothered to go the extra mile to keep their phone safe, trendy, and vogue. An increase in internet penetration, coupled with artificial intelligence incorporated by online retailers that give pop-up notifications to the users about the product is also a prominent factor for the market growth.

Product Type Insights

The protective cases segment accounted for a leading share of 31.7% in 2022 and is expected to witness significant growth in the near future. Increasing demand for the cases due to frequent changes in the product in the female consumer group is anticipated to drive the market. Furthermore, innovation in the material type compatibility of the cases with certain smartphones, such as apple, prefers special kinds of cases to highlight the logo on its back. This is propelling the demand for mobile accessories in the forecast period.

The headphone segment is expected to register a CAGR of 7.3% during the forecast period. One of the most developing trends in the mobile industry at present is the growing sophistication of headphones, which is also fueling the market growth for unconditional connectors such as type-c USB Ports cables. Growing fitness consciousness among the young population has driven demand for sports and fitness headphones in recent times. The popularity of cheap headphones has increased among the economical consumer group due to the rise in traveling trends standalone.

Distribution Channel Insights

The offline segment dominated the mobile accessories market and accounted for a 69.0% share of the overall revenue. Increasing demand for costly devices such as smartwatches and mobile camera lenses and perception of issues with the delivery of fragile items are propelling the segment's growth. The traditional method of shopping and the difference in price in local retail outlets and other wholesale markets are the reasons for the segment growth.

The online segment is anticipated to grow at a CAGR of 7.5% during the forecast period. Increasing internet penetration in rural areas, faster and trusted delivery by various online portals, and replacement options are the factors driving the segment. Moreover, the young working consumer groups with hectic schedules prefer to buy online rather than offline due to easy access and doorstep service. These are the prominent factors boosting the market growth in the stipulated time frame.

Regional Insights

In 2022, Asia Pacific led the market with a share of 46.5% and is anticipated to witness significant growth in the near future. In Asia Pacific, China contributed to the majority of the share and accounted for 55.2% share of the overall revenue in 2022. High usage of different types of mobile accessories, innovation of different products at lower rates, and China is the leader of the mobile phone industry are the prominent factors for market growth in the region.

Middle East and Africa is the fastest growing region due to the high demand from developing countries such as UAE and Saudi Arabia. Changing lifestyles and increasing disposable income are the factors expected to drive the market in the forecast period. Moreover, increasing demand for smartphones in the region is driving the market for accessories. For instance, one of the surveys has shown that the market for smartphones in MEA has increased by 300.0 million in a number of units in 2021.

Key Companies & Market Share Insights

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. Some of the initiatives taken are:

• In October 2022, Google LLC launched its new Pixel 7, Pixel 7 Pro, phones, the Tensor G2 chip, and the Pixel watch at Made by Event in New York. Google's Pixel 7 and Pixel 7 Pro include a redesigned camera in the back. The phone has a polished aluminum finish and an aluminum camera bar.

• In April 2022, Samsung Electronics Co., Ltd. announced a partnership with plant-based designer Sean Wotherspoon to launch an eco-friendly smartphone case and watch accessories. The device accessories are all sourced sustainably using 100% recycled materials, also all the cases and watch bands are biodegradable.

• In February 2022, Belkin released its brand new line of connectivity products based on Intel’s Thunderbolt 4 controller; the Thunderbolt 4 cable, and the CONNECT Pro Thunderbolt 4 Dock which provides features such as dual display compatibility for content up to 4K at 60Hz, quick charging, and more.

• In December 2021, Nothing has introduced a new black model of its sold-out initial gadget, with the name ear (1) carbon neutrality. The company will also start accepting payments through cryptocurrencies in a few countries through nothing.

• In July 2021, One Plus launched its first adaptive noise reduction (ANC) headphones to deliver a premium and truly immersive audio experience, the new premium true wireless headphones offer an industry-leading smart noise reduction system, higher voice quality, extended battery performance, and a more customized sound.

Some of the key players operating in global mobile accessories market include:

• Belkin International Inc.

• Harman International

• Aukey

• Groovemade

• Anket Innovations

• Samsung

• Apple Inc.

• Google

• SanDisk

Mobile Accessories Market