Mobile phone accessories include software or hardware components that are not vital to the operation of a cellular telephone. Nowadays, phones have multiple functions including accessing internet, taking pictures, listening to music, storage devices, and others. People even beautify and add value to their mobile phones with the help of various mobile accessories. These include protective cases, headphones, USB cables, power banks, chargers, portable speakers, memory cards, and selfie stick. These accessories enhance the functionality of the equipment and also provide protection.
The major factor affecting the market is the increase in adoption of smartphones, owing to features such as providing effective connectivity to the digital world. In addition, Bluetooth wireless headphones offer numerous advantages over wired devices such as portability, convenience, cost-effectiveness, efficiency, and flexibility. These factors cumulatively drive the market growth and have generated a revenue of $61,370 million in 2014. The market is expected to reach $107,629 million by 2022 with a promising CAGR of 7.6% during the forecast period.
The mobile phone accessories market is driven by the rise in demand for wireless accessories owing to changing customer preferences to listen to music on portable devices, such as smartphones and tablets, through music streaming platforms like YouTube and sound cloud. The demand for mobile accessories has increased due to upsurge in disposable income and rise in popularity of social networking sites in urban areas. In addition, increasing Internet penetration has boosted the online retailing platform. However, excessive use of headphones affects the hearing ability of users, thus restricting the market growth. Rapid technological advancement including implementation of noise canceling technology, Bluetooth/NFC speakers, and built-in fan and light in selfie sticks are expected to offer lucrative opportunities for growth.
The market is segmented on the basis of product type, distribution channel, price range, and geography. On the basis of product type, it is categorized into battery, headphones, portable speakers, charger, memory card, power bank, and others (USB cable & selfie stick). Protective case accounted for maximum revenue share in 2014 and is anticipated to consolidate its dominant position during the forecast period, owing to its benefits such as protection from wear & tear, scratches, and other damage.
Distribution channel wise, it is bifurcated into offline (multi-brand and single-brand store) and online segment. The online retail store is expected to grow with a highest growth rate due to increase in Internet penetration and popularity of social networking websites. By price range, it is segmented into premium price, mid-price, and low price.
The market is analyzed on the basis of four regions, namely, North America, Europe, Asia-Pacific, and LAMEA, along with their prominent respective countries. Asia-Pacific dominated the market in 2014 and is projected to continue to consolidate its position, owing to rise in disposable income, large population, and rapid growth of smartphone adoption.
Key players operating in the world mobile accessories market are Panasonic Corporation, Senheiser Electronic GmbH & Co. KG, Sony Corporation, Samsung Electronics Co., Ltd., Apple Inc., Bose Corporation, BYD company Limited, Plantronics, Inc., Energizer Holdings, Inc., and JVC Kenwood Corporation.
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