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Mobile Accessories Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global mobile accessories products market was valued at USD 78.1 billion in 2022 and is projected to expand at a CAGR of 8.8 % from 2023 to 2030. The increasing penetration of smartphones and the growing trend of owning multiple devices are expected to drive the market growth. The increasing number of mobile device users and their growing needs are expected to fuel the demand for accessories. Furthermore, the growing trend of customization among users is one of the major factors driving the market.
The growing demand for protective and durable accessories is also driving the market growth. The increasing demand for protective covers, screen protectors, and cases is expected to propel the demand for accessories. The growing trend of DIY (do-it-yourself) customization is further propelling the market growth. The rising trend of customizing mobile devices with unique designs and personalized covers and cases is fueling the market growth. Furthermore, the growing number of smartphone users is also driving the market demand.
The launch of new and innovative products by key players is further driving the market growth. For instance, in October 2021, Apple launched the iPhone 12 mini and MagSafe accessories, including a wireless charger and a wallet. Furthermore, the increasing popularity of wireless charging is also driving the market growth. The increasing demand for wireless chargers and power banks is expected to fuel the demand for wireless charging accessories.
The increasing adoption of augmented reality (AR) and virtual reality (VR) products is also expected to improve the market growth. The rising demand for accessories such as earphones and headphones is also expected to drive the market. Furthermore, the increasing trend of online shopping is another factor influencing the market growth. The growing demand for online shopping due to the convenience and discounts offered by the online platforms is expected to increase the demand for mobile accessories. Furthermore, the increasing popularity of live streaming is also driving the demand for accessories such as tripods and selfie sticks.
Product Insights
The mobile cases segment accounted for the largest share in 2022. The growing demand for mobile cases has been driven by several factors such as increasing fashion trends and the emergence of new designs and styles for these cases. Furthermore, the increasing use of smartphones across the globe has also spurred the demand for mobile cases. According to a survey conducted by the International Telecommunication Union (ITU), in 2019, the global mobile phone penetration rate was estimated to be around 96.9%.
The mobile chargers segment is anticipated to expand at the fastest CAGR of 8.3% over the forecast period. The increasing adoption of mobile phones and the rising demand for power banks is driving the growth of the mobile chargers market. According to an article published by Statista in January 2020, the global demand for power banks is expected to reach over 695.6 million units by 2023. In addition, the growing demand for wireless chargers and the increasing popularity of smartphones are also contributing to the growth of the market.
Distribution Channel Insights
The retail stores segment accounted for the largest share of the market in 2022. The increasing availability of mobile accessories in retail stores at discounted prices, along with the presence of knowledgeable sales personnel for providing product-related suggestions and advice, is driving the growth of the segment. The presence of mobile accessories in retail stores such as supermarkets & hypermarkets, department stores, and small-scale stores has increased significantly over the past few years. Moreover, the growing preference for brick-and-mortar stores among consumers is also contributing to the growth of the segment.
The online segment is expected to register the highest CAGR of 10.3% over the forecast period. The rising popularity of online shopping platforms, such as Amazon and Flipkart, is driving the growth of the segment. Moreover, the increasing availability of mobile accessories on online platforms at discounted prices is expected to drive the segment during the forecast period. In addition, the presence of numerous e-commerce websites and growing penetration of mobile internet are also likely to drive the segment’s growth.
Type Insights
The audio accessories segment is estimated to dominate the mobile accessories market in the year 2022 with a revenue share of 42.2%. The increasing trend of listening to music or podcasts with wireless headphones is expected to be a major factor driving the demand for audio accessories. Companies such as Apple Inc. and Samsung Electronics Co. Ltd. are launching new products in the audio accessories segment to meet the consumer demand. For instance, in May 2021, Samsung launched its new earbuds, “Galaxy Buds Pro,” with active noise cancellation technology and improved battery life.
The power banks segment is expected to witness the highest growth rate over the forecast period. Increasing penetration of smartphones in developing countries and rising demand for extended battery life are the major factors driving the power banks segment. Additionally, the increasing availability of wireless charging power banks is likely to spur the demand for power banks. For instance, in October 2020, Xiaomi Corporation launched its 20,000 mAh Mi Wireless Power Bank in China.
Regional Insights
Asia Pacific is projected to be the largest market for mobile accessories owing to the presence of a large number of smartphone users in the region. An increase in disposable income, coupled with the rise in the number of smartphone users, has resulted in the growing demand for mobile accessories. For instance, according to the GSMA, the number of smartphone users in India was estimated to reach 763.3 million in 2022.
North America is expected to witness significant growth in the mobile accessories market owing to the presence of prominent market players, such as Apple and Samsung, who are continuously launching new products in the region. Furthermore, the growing demand for wireless headphones and speakers, such as Apple AirPods and Samsung Galaxy Buds, is expected to boost the demand for mobile accessories in the region. In addition, the increasing adoption of advanced technologies, such as virtual reality and augmented reality, is expected to drive the demand for mobile accessories in the region.
Financial Projections
In this part of the Mobile Accessories Products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your mobile accessories products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a mobile accessories products business come from sales of products and services, affiliate marketing, and advertising. Here you will find a list with a description of each of them and other possible sources of profit such as donations, membership fees, and subscription services.
Projecting Expenses
In this section, all the regular expenses related to keeping the mobile accessories products business running will be described. The list of operating expenses includes product manufacturing costs, employee salaries, marketing and advertising expenses, rent, utilities, insurance, and other miscellaneous expenses.
Key companies & market share insights
Some of the key companies operating in the mobile accessories market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Apple Inc. launched a series of new Apple-branded mobile accessories, including wireless chargers, protective cases, and a new type of headphone.
– In August 2022, Samsung Electronics Co. Ltd. launched a range of new wireless charging accessories for its flagship devices.
– In October 2022, Belkin International Inc. launched a series of wireless charging accessories for Apple and Samsung devices.
Some of the prominent players in the mobile accessories market include:
– Apple Inc.
– Samsung Electronics Co. Ltd.
– Belkin International Inc.
– Anker Technology Co. Ltd.
– Sony Corporation
– Logitech International S.A.
– Griffin Technology Inc.
– Otterbox, Inc.
– ZAGG Inc.
– Mophie, Inc.
Global Mobile Accessories Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global Mobile Accessories Products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Power Banks
– Cable & Chargers
– Mobile Cases & Covers
– Headsets & Earphones
– Memory Cards
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Mobile Accessories Product Types?
[A]: Major mobile accessories product types include chargers, power banks, headphones, earphones, cases, covers, screen guards, and other mobile accessories.
[Q]: Who are the Key Players in the Mobile Accessories Market?
[A]: Key players in the mobile accessories market include Apple Inc., Bose Corporation, Samsung Electronics Co. Ltd., Xiaomi Corporation, LG Electronics Inc., Sony Corporation, and Koninklijke Philips N.V.
[Q]: What are the Factors Driving the Mobile Accessories Market?
[A]: The global mobile accessories market is driven by factors such as the increasing demand for smartphones and tablets, rising disposable income, technological advancements in mobile accessories, and growing demand for stylish and durable accessories.
[Q]: What are the Major Distribution Channels for Mobile Accessories?
[A]: Major distribution channels for mobile accessories include online stores, direct-to-consumer sales, and retail stores.
[Q]: Which Region Offers the Largest Opportunity for Sales of Mobile Accessories?
[A]: Asia Pacific is expected to be the largest market for mobile accessories, due to the presence of a large consumer base, increasing disposable income, and rising demand for smartphones and tablets in the region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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