The global mobile phone accessoriesmarket is estimated to garner noteworthy revenue by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Further, the market generated remarkable revenue in the year 2021. The growth of the market can primarily be attributed to the increasing number of mobile phone users globally. For instance, the number of smartphone users in 2019 was estimated to be around 2.5 billion while the number is further anticipated to rise by around 1 billion by the year 2040.
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Furthermore, the global mobile phone accessoriesmarket is also projected to grow on the back of rising sales of back covers and stylus during the forecast period. In 2018, around 75% of smartphone users were observed to be using protective cases. Additionally, global mobile phone accessories market trends such as the rising adoption of e-commerce and the growing urban population are anticipated to hike the market growth over the forecast period. For instance, nearly 4.5 billion people were noticed to be living in urban areas in 2021 across the globe which is further expected to reach 6.5 billion by the year 2050. Hence, such factors are projected to influence the market growth positively over the forecast period.
Rising Prevalence of E-Commerce
It was observed that more than 1.5 billion people purchased goods online in 2020 across the 24 million E-Commerce sites.
In the modern era, people prefer online mediums to buy goods than personally visiting the place. Owing to the higher prevalence of the internet, the e-commerce industry is growing exponentially. Moreover, people have a wide range of options on online sites to purchase mobile phone accessories since they can be ordered from anywhere across the globe. Hence, such a demand is projected to foster the growth of the market over the forecast period.
As of 2022, around 55% of the world’s population is estimated to be using social media.
The unit share sales of truly wireless stereos were projected to be at around 12% in 2020 which increased to approximately 18% in 2021.
The disposable income of different nations is rising exponentially. For instance, the disposable income of India was estimated to be around 200 lack crore for the year 2020-21.
The number estimated of people using the internet was approximately 4.5 billion in 2022.
The global mobile phone accessoriesmarket is segmented and analyzed for demand and supply by packagingintofolding cartons, boxes & bags, pouches, trays, and others,out of which, the folding cartons segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the escalating utilization of folding cartons in multiple industries growing production of packaging paper. For instance, over 350 million metric tons of packaging paper were produced in 2020 across the globe.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in the ICT sector has significantly contributed to GDP growth, labour productivity, and R&D spending among other transformations of economies in different nations around the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Regionally, the global mobile phone accessoriesmarket is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America regionis projected to hold the largest market share by the end of 2031. The market is anticipated to grow in the region on the back of the growing number of personal electronics and mobile phone users over the forecast period. For instance, the number of mobile phone users in the USA was projected to be around 300 million in 2020 while the total shipment of smartphones was estimated to be approximately 150 million in 2021. Additionally, the rising number of internet users and growing disposable income of the region is further expected to hike the growth of the market over the forecast period.
The global mobile phone accessoriesmarket is further classified on the basis of region as follows:
Our in-depth analysis of the global mobile phone accessoriesmarket includes the following segments:
By Price Point
By Distribution Channel
FREQUENTLY ASKED QUESTIONS
Increasing number of mobile phone users and spiking number of social network users is estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
Chances of fake branding and fake branding and higher cost associated with phone accessories areestimated to challenge the market growth.
The market in the North America regionis projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Kingston Technology Corporation, Sony Corporation, Plantronics, Inc., GN Group, Samsung Electronics Co., Ltd., Harman International Industries, Incorporated, Apple Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, packaging, price point, distribution channel, and by region.
The folding cartons segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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