“Global Mobile Phone Accessories Market: Industry Demand Analysis & Opportunity Assessment 2016-2023”
The rising urban population, increase in global disposable income and improving lifestyle, especially in developing countries such as India, China, South Africa and Brazil are some of the key factors that are fueling the demand for mobile phone accessories around the globe. The growth in disposable income worldwide (including the developing countries) has inclined the purchasing power of people which has increased the penetration of smartphones amongst users including low priced to premium priced phones. These factors have further strengthened the demand for mobile phone accessories. The increased smartphone penetration in these countries will expand the market growth by reaching USD 101,063.6 Million by the end of 2023 from USD 62,713.4 Million in 2016 by witnessing a compound annual growth rate of 7.3% during 2017-2023.
The global mobile phone accessories market is segmented by product type into battery, charger, power bank, earphone/headphone, memory card, mobile phone cases, mobile protective cases and mobile battery cases, out of which, the mobile phone protective cases remained the highest revenue contributor in terms of value, occupying 82.3% market share in 2016 and is expected to hold its dominant stance over the forecast period. Further, the increase in sale of the battery units with the growing demand among the consumers due to the increased usage of smartphones reducing the battery life of the phones is predicted to expand the battery segment with a CAGR of 2.9% in terms of volume over the forecast period. Along with that, the charger segment is expected to observe Y-o-Y growth of 4.3% in terms of volume in 2023 as compared to previous year.
Expanding Urban Population to Boost the Demand for Advanced Mobile Phone Accessories Market in Future
The global mobile phone accessories market is thriving on the back of technological advancements and the rising urban population across the globe.
Increasing Disposable Income – The growth in disposable income worldwide has augmented the purchasing power of people which has increased the penetration of both low priced and premium priced smartphones amongst users. It has further strengthened the demand for mobile phone accessories.
Adoption of Smartphones & Growing Global Population – The increasing affordability among middle class and rising population growth in developing countries coupled with rising GDP in regions such as Asia Pacific and Middle East Africa is likely to boost the growth of the mobile phone accessories market over the forecast period.
Technological Advancement – The technological advancement with new products and new features are being introduced due to the changing preferences of the customers.
Industry Players’ are Progressing towards Minimizing the Barriers faced by the Global Mobile Phone Accessories Market
According to Research Nester, the low-priced mobile phone accessories and the poor economic conditions are the factors that are envisioned to hinder the growth of the market across the globe.
High Demand for Low-Priced Accessories – The presence of intense competition from the major players of the global mobile phone accessories market offers the competitive prices to the customers.
Threat of Piracy – Consumers are opting for the pirated products that are offered at a fraction of the price of that of the original products.
The Report titled “Global Mobile Phone Accessories Market: Industry Demand Analysis & Opportunity Assessment 2016-2023” delivers detailed overview of the global mobile phone accessories market in terms of market segmentation by product type, by distribution channel, by price and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global mobile phone accessories market which includes company profiling of Samsung, LG, Apple Inc., Morphie, OtterBox, Incipio, Maxboost, Vena, Blackberry, Motorola, Belkin, Griffin, Beats, Sony, Phillips, Sennheiser, Panasonic and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global mobile phone accessories market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.