USD 94.62 billion
Report ID:
SQMIG25E2060 |
Region:
Global |
Published Date: September, 2024
Pages:
223
|Tables:
64
|Figures:
75
Global Mobile Accessories Market size was valued at USD 88.07 billion in 2022 and is poised to grow from USD 101.15 billion in 2023 to USD 333.9 billion by 2031, growing at a CAGR of 6.8% during the forecast period (2024-2031).
The purpose of the mobile accessories market is to cater to the growing demand for customization and personalization of mobile devices, as well as to provide convenience, enhance user experience, and extend the lifespan of these devices. Consumers are increasingly seeking accessories that reflect their personal style, offer advanced features, and ensure the safety of their valuable mobile devices. The driving factors behind the growth of the mobile accessories market is the proliferation of smartphones and tablets worldwide. With a rising number of mobile device users, the demand for accessories such as cases, screen protectors, and chargers has significantly increased.
The mobile accessories market presents significant opportunities for growth. As mobile devices become an integral part of everyday life, consumers are increasingly seeking accessories that complement their devices and provide added value. The emergence of new technologies such as wireless charging, smart wearables, and augmented reality opens up new avenues for innovative mobile accessories. Manufacturers who can anticipate and cater to these emerging trends stand to gain a competitive advantage and tap into new market segments. The global mobile accessories market is a vibrant and evolving industry driven by the increasing demand for personalized and enhanced mobile device experiences. While the market faces challenges such as counterfeit products and technological advancements, it also presents opportunities for companies to innovate, differentiate, and capture the attention of consumers seeking high-quality and stylish accessories. As the mobile device landscape continues to evolve, the mobile accessories market is expected to witness sustained growth and further diversification.
US Mobile Accessories Market is poised to grow at sustainable CAGR for the next forecast year.
Global Market Size
USD 94.62 billion
Largest Segment
Offline
Fastest Growth
Offline
Growth Rate
6.90% CAGR
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The global mobile accessories market is segmented based on distribution channel, product type, and region. Based on product type, the market is segmented into earphones/headphones, charger, power bank, protective cases, and others. Based on distribution channel, the market is segmented into online, and offline. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Mobile Accessories Market Analysis by Distribution Channel
The offline segment currently dominates the mobile accessories market, accounting for a significant 69.2% share of the total revenue. This growth can be attributed to the increasing demand for expensive devices like smartwatches and mobile camera lenses. Additionally, there is a perception among consumers that fragile items may face delivery issues when purchased online, further fueling the growth of the offline segment. The traditional method of shopping, along with the price difference between local retail outlets and wholesale markets, has contributed to the segment's expansion.
The online segment is projected to experience a Compound Annual Growth Rate (CAGR) of 7.6% during the forecast period. This growth is driven by factors such as the increasing internet penetration in rural areas, the availability of faster and reliable delivery services through various online portals, and the convenience of replacement options. Moreover, the younger working consumer groups with busy schedules prefer online shopping due to its easy accessibility and doorstep service. These factors play a significant role in boosting the market growth within the projected time frame.
Mobile Accessories Market Analysis by Product Type
In 2022, the protective cases segment held the largest market share of 31.6% and is projected to witness significant growth in the near future. The increasing demand for cases can be attributed to the frequent product changes and updates, particularly among the female consumer group. This drives the need for protective cases to safeguard their devices. Furthermore, there is a focus on innovation in the material types used for cases, with certain smartphones like Apple preferring special cases that highlight their logo on the back. These factors contribute to the growth of the protective cases market during the forecast period.
The headphone segment is expected to exhibit a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period. A notable trend in the mobile industry is the increasing sophistication of headphones, which has spurred market growth. The demand for headphones with unconditional connectors, such as type-C USB ports cables, is on the rise. Moreover, the growing fitness consciousness among the younger population has led to increased demand for sports and fitness headphones. Additionally, the popularity of affordable headphones has surged among budget-conscious consumers, especially due to the rising trend of standalone travel. These factors contribute to the growth of the headphone market in the forecast period.
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In 2022, Asia Pacific emerged as the leading market capturing a significant share of 46.2%, and is expected to continue witnessing substantial growth in the near future. Within the Asia Pacific region, China accounted for the majority share, contributing 55.2% of the overall revenue in 2022. Several factors have propelled market growth in this region, including the high usage of various mobile accessories, the innovation of diverse products at affordable rates, and China's position as a leader in the mobile phone industry.
The Middle East and Africa region is experiencing the fastest growth, primarily driven by the increasing demand from developing countries such as the United Arab Emirates and Saudi Arabia. The region's changing lifestyles and rising disposable incomes are significant factors expected to drive market growth during the forecast period. Furthermore, the growing demand for smartphones in the region is fueling the market for mobile accessories. As an example, recent surveys have indicated that the smartphone market in the Middle East and Africa witnessed a substantial increase of 300.0 million units in 2022.
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Mobile Accessories Market Drivers
Increasing Smartphone Penetration
Technological Advancements
Mobile Accessories Market Restraints
Counterfeit Products
Compatibility Issues
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The global mobile accessories market is highly competitive and characterized by the presence of numerous players offering a wide range of products. These players compete based on factors such as product quality, innovation, brand reputation, distribution channels, and pricing strategies. The competitive landscape of the market is constantly evolving as new players enter the market and existing players strive to maintain their market share. In addition to the established players, there is a significant presence of smaller and regional players in the market. These players often focus on niche product segments or specific geographic regions. They strive to differentiate themselves by offering unique features, competitive pricing, and specialized products targeting specific consumer needs.
Mobile Accessories Market Top Player’s Company Profiles
Mobile Accessories Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global mobile accessories market analysis, the increasing adoption of smartphones worldwide and the continuous advancements in mobile device technology are the key growth drivers. The demand for mobile accessories has surged as consumers seek ways to personalize their devices, enhance user experience, and extend the lifespan of their valuable mobile devices. The market is highly competitive, with both established companies and smaller players vying for market share. These companies compete based on factors such as product quality, innovation, brand reputation, distribution channels, and pricing strategies. The online retail sector has emerged as a significant distribution channel, offering consumers a wide range of options and convenient shopping experiences. The global mobile accessories market is a thriving industry driven by the increasing adoption of smartphones and the desire for personalization and enhanced user experience. It is a highly competitive market with opportunities for both established players and smaller companies. The market's growth is influenced by factors such as smartphone penetration, technological advancements, consumer preferences, and distribution channels.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 88.07 billion |
Market size value in 2031 | USD 333.9 billion |
Growth Rate | 6.8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Mobile Accessories Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Mobile Accessories Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Mobile Accessories Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Mobile Accessories Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25E2060