Mobile Accessories Market Top Key Players, Size, Share, Demand, Opportunities And Forecasts To 2028

By Author: Himanshi
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The global mobile accessories market was valued at USD 68.2 billion in 2020 and is estimated to reach USD 110.4 billion by 2028, expanding at a CAGR of 6.9 % during the forecast period, 2021 – 2028. The growth of the market is attributed to rising demand for smartphones, as they are the primary source of communication currently.

The mobile accessories market is growing in response to growing demand for smartphones and tablets. Decline in smartphone prices and increasing attraction towards mobile phones is estimated to expand the market. Additionally, rising internet usage and online retailing are projected to increase the sale of mobile accessories.

Market Trends, Drivers, Restraints, and Opportunities
• Rising demand for wireless applications along with regular technology upgrades are boosting the market.
• Changing preference of consumers is estimated to drive the market growth.
• Female consumers prefer to change their phone case frequently, which in turn, is expected to propel the market growth.
• Accessories help in smooth and easy usage of mobile phones, which is anticipated ...
... to fuel the market.
• Demand for accessories such as Bluetooth, headphones, and mobile covers among teenagers is increasing, as they keep themselves updated with advanced technologies.
• Key companies are launching appliances such as speakers and wireless headsets, which are continuously upgraded. This is expected to increase the demand for mobile accessories in the next few years.
• Enhanced features and quality of smartphones along with declining prices has led to rising demand for mobile accessories.

Scope of the Report
The report on the mobile accessories market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

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Market Segment Insights:

The protective cases segment held a major share of more than 31.2% of the total revenue
Based on product types, the mobile accessories market is segregated as headphone, charger, power bank, protective case, and others. The protective cases segment is expected to grow at a rapid pace during the forecast period. Rising demand for protective cases, due to continuous changes in the product is seen in the female consumer. This is expected to drive the market. Moreover, improvement in the material of the cases and compatibility with specific mobile phones is driving the market growth during the forecast period.

The headphone segment is estimated to expand at a CAGR of 7.4% during the forecast period. Increasing awareness about fitness among the young population has boosted the demand for fitness and sports headphones. Popularity of inexpensive headphones has increased among the middle-class consumers, due to rising trend of travelling.

The offline segment held a major share of more than 69% of the total revenue
On the basis of distribution channels, the mobile accessories market is bifurcated as online and offline. The offline segment is anticipated to grow at a rapid pace during the forecast period. Rising demand for expensive devices such as mobile camera lens and smart watches and proper handling of delicate items in the offline segment are fueling the market. Traditional method of shopping and searching for variances in prices in local shops and wholesale markets are responsible for the segment growth.
The online segment is projected to expand at a CAGR of 7.6% during the forecast period. Rising internet usage in rural areas, replacement options, and trusted & fast delivery by various online platforms are expected to drive the segment. The young working-class population with busy schedules prefers to shop online rather than offline, owing to easy access and doorstep delivery. Additionally, attractive offers provided by online portals increases the consumer base in the segment. These factors are responsible for market growth during the forecast period.

The market in Asia Pacific held more than 45% share of the total revenue in 2018
In terms of regions, the mobile accessories market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is projected to grow at a substantial rate during the forecast period. China accounted for a major share of more than 55% of the total revenue. Massive usage of different types of mobile accessories, innovation and enhancement in products at cheap rates, and the presence of prominent companies in the region are expected to drive the market in the region.

Middle East and Africa is anticipated to grow rapidly, attributed to rising demand from developing countries such as Saudi Arabia, and the UAE. Rising disposal income and changing lifestyles of consumers are estimated to fuel the market during the forecast period. Additionally, rising demand for mobile phones in the region is propelling the market for accessories.

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