The mobile phone accessories market will reach $151.97 billion by 2028, at a CAGR of 7.3%, says Coherent Market Insights

Burlingame, June 24, 2024 (GLOBE NEWSWIRE) — The global mobile phone accessories market size was valued at $92.76 billion in 2021 and is expected to reach $151.97 billion by 2028, growing at a compound annual growth rate. (CAGR) of 7.3% from 2021 to 2028, as highlighted in a new report published by Coherent Market Insights. The increasing use of expensive high-end smartphones across the world has significantly fueled the demand for phone protective accessories such as covers, cases and screen protectors. As expensive phones are more prone to damage during accidental drops or drops, users prefer to protect their devices by purchasing affordable screen protectors and protectors.

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Market Dynamics:

The growth of the mobile phone accessories market has been driven by the increasing adoption of smartphones as well as technological advancements in accessories such as wireless headphones. According to Statista, over 3.5 billion smartphone users were reported globally in 2022. The increase in the number of smartphone users has led to increased demand for mobile phone accessories such as power banks, chargers, earphones, headphones, protective cases and covers among others. Additionally, the introduction of wireless technology in headphones and earphones has gained tremendous popularity among consumers who demand convenience and portability, thus driving the market growth.

Mobile Phone Accessories Market Coverage Report

Market Trends:

Protective covers and cases continue to be the largest and fastest growing product segment. Increased durability features and wide variety of designs available in protective accessories are driving higher sales. Additionally, the growing trend of wireless audio devices is gaining traction. Bluetooth-enabled wireless headphones and earphones are fast replacing wired headphones due to easy connectivity and freedom of movement. Leading manufacturers are focusing on integrating the latest technologies such as Active Noise Cancellation (ANC) in headphones to meet changing consumer preferences. Strong growth for USB chargers has been witnessed due to universal compatibility and the ability to charge multiple devices from a single charger. Portable battery packs are also gaining demand as smartphone battery life struggles to match increased usage time.

The story continues

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Increasing consumer preference for protective covers and cases to prevent phone damage such as scratches, cracks and bumps is driving the growth of this segment.

The multi-brand store segment held the largest share of the distribution channel segment in 2024. Ease of availability of various brands and models of phone accessories from a single store is a key factor supporting the growth of this segment.

Key market relationships:

The global mobile phone accessories market is projected to witness a CAGR of 7.3% during the forecast period 2021-2028, owing to rising smartphone sales and increasing consumer awareness of protective accessories.

On the basis of product type, the protective case segment is expected to hold a dominant position, owing to the growing need to protect expensive smartphones from accidental damage. On the basis of distribution channel, the multi-brand store segment is expected to hold a dominant position during the forecast period, owing to the availability of a wide range of brands under one roof.

Based on the price range, the premium accessories segment is expected to dominate the market, owing to the increasing demand for premium accessories with additional features. Regionally, North America is expected to hold a dominant position during the forecast period, owing to high smartphone penetration and frequent upgrades to the latest models in countries such as the US and Canada.

Key players operating in the mobile phone accessories market include Panasonic Corporation, JVCN Kenwood Corporation, Sennheiser Electronics GmbH & Co. KG, Energizer Holdings, Inc., Sony Corporation, Plantronics, Inc., Samsung Electronics Co., Ltd., BYD Co Ltd., Apple Inc. and Bose Corporation. These players are expected to dominate the market with their extensive distribution networks and continuous innovation.

Recent developments:

In July 2021, OnePlus Technology Co., Ltd. announced the launch of OnePlus Buds Pro, a wireless headphone.

In July 2021, Nothing launched Nothing ear 1 a wireless headphone with advanced 11.6mm drivers and sensitive touch control.

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Detailed segmentation –

By product type: Protective case:

• Headphones / Headphones

• loaders

• The battery

• Memory card

• Power Bank

• Portable speaker

• Others

By Distribution Channel: Multi-Brand (Organized Store:

• independent store)

• Single Brand Store

• Online store

By price range: Premium:

By region:

North America:

Latin America:

• Brazil

• Argentinian

• Mexico

• The rest of Latin America

Europe:

• Germany

• uk

• Spain

• France

• Ital

• Russia

• The rest of Europe

Asia Pacific:

• China

• Indian

• Japan

• Australia

• South Korea

• ASEAN

• Rest of Asia Pacific

Middle East:

• GCC countries

• Israel

• The rest of the Middle East

Africa:

• South Africa

• North Africa

• Central Africa

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