The mobile phone accessories market to reach at a US$ 86.6 Billion in 2021. The market is likely to grow at a CAGR of 6.7% through 2031, reaching US$ 166 Billion. The increasing application of mobile phones and the expansion of 5G technology to ease operations and help in the smoother functioning of these devices are expected to have significant impact on mobile phone accessories market.
A Future Market Insights (FMI) analysis projects that by 2021, the market would be worth more than US$ 86.80 Bn.
The demand for mobile phone accessories has quickly increased as a result of the adoption of IoT in homes, and this trend will likely continue in the near future. The introduction of 5G technology will increase demand for mobile phone accessories that support augmented reality and virtual reality systems.
The rapid development of 5G technology will enhance the experience of devices linked wirelessly and will significantly increase the demand for wireless connectivity devices.
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In addition, growth in smart homes and smart appliances sales has been a complementing factor for mobile phone accessories. The demand for protective cases and covers is expected to be significantly high. Nearly 20% of mobile phone accessories sales are expected to concentrate in this segment.
With the advent of 5G technology, consumers will have a better experience at the usage of smart devices owing to better connectivity and high-speed Internet, which is estimated to fuel the demand for smart devices in the near future.
Key Takeaways from the Mobile Phone Accessories Market Study
- FMI in its latest study has forecast the market to rise at a CAGR of ~6.7% between 2021 and 2031
- The U.S. is expected to register impressive growth, accounting for above 78% of overall sales in North America
- The U.K. is expected to register nearly 4% Y-o-Y growth in 2021
- The demand from Germany and France is expected to rise considerably in response to the expansion of 5G networks
- While China will remain leading market in East Asia, the demand from South Korea and Japan too is expected to rise at a swift pace
Increasing Focus on the Miniaturization of Electronic Devices
Companies are focusing on introducing compact electronic components for printed circuit boards. This is intended to enhance the performance of devices such as smartphones as well as reduce the overall production cost.
Moreover, they are expanding their footprint, especially in high-growth markets such as India and China through various mergers and acquisitions. Mobile phone accessories are increasingly adopted for improving the end-user experience of mobile phone users, which has contributed to the growing demand for mobile phone accessories.
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Impact of COIVD-19 & 2020 Market Analysis
The COVID-19 outbreak has encouraged governments and organizations to take exceptional measures to deal with the ongoing crisis. Such measures have led to the implementation of various restrictions on movement and business, transitory closure of organizations, and required physical distancing for extended period of time.
The COVID-19 pandemic has fundamentally reduced worldwide monetary action and has caused critical instability across various sectors. The COVID-19 pandemic and the measures taken by nations in response have adversely affected the mobile phone accessories business across the world.
Who is winning?
Some of the key players operating in the mobile phone accessories market are Samsung Electronics Co. Ltd., Logitech International S.A., Harman International Industries Incorporated, Plantronics Inc., Apple Inc., Sony Corporation, GN Group, Incipio Group, Western Digital Corporation, Kingston Technology Company Inc., Cambridge Soundworks Inc., Bscstore Inc., The Case Factory, TYLT, Ballistic, Moftware Inc., Seidio Inc., Skullcandy Inc., SincoCase International Industrial, Case Mate Inc., and among others. In order to gain competitive advantage, the market players are focusing on product launches. For instance:
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