Mobile phone accessories are gaining rapid demand from consumers owing to the rapid growth of mobile phones industry. The demand for mobile phone accessories has seen an upward trend owing to the consumer demand for varied types of accessories for their mobile phones. Owing to the introduction of smart phones and aggressive research and development activities taken up in order to bring in new technologies in smart phones that would appeal to the younger generation has also stimulated the heavy demand for mobile phone accessories.
Rapid demand for smart phones among consumers, especially the younger generation is one of the major factors stimulating the demand for mobile phone accessories. Owing to the lucrative smart phone industry, many new manufacturers have introduced several smart phones at affordable prices to appeal to consumers across all income and age groups. This move has complemented the growth of mobile phone accessories market as well since consumers across all income groups are able to purchase the accessories of their choice that would complement their phones. Due to this factor, local players are aggressively moving in to operate in this industry.
The growth of mobile phone accessories market is also complemented by the rising purchasing power of consumers. Aggressive promotional activities taken up by manufacturers of smart phones have driven the younger generation towards buying smart phones. Further, manufacturers operating in the smart phones industry and related industries have engaged themselves in manufacturing accessories that would complement the demand for smart phones such as earphones, wireless speakers, and wireless earphones among others. Thus, due to the high purchasing power of consumers, they look for varied types of accessories that would complement the overall look of the phone. Further, advent of wireless technologies has also paved the way for growth of mobile phone accessories market. The demand for wireless earphones and headphones, chargers and speakers among others have seen an upward trend and is expected to be the key driving factor for this market in near future. The market growth is supplemented by the wide distribution channel of these products. Accessories are available across several networks from local stores to online stores, which is another key factor driving the market growth at present. However, excessive use of headphones and earphones may result in low hearing disorder which is a key factor restraining the growth of market at present. Technological advancement in the accessories and products is a potential growth opportunity for players operating in the mobile phone accessories market. Introduction of new features in smart phones would result in introduction of new accessories that would complement those features.
The mobile phone accessories market is bifurcated on the basis of product types into batteries, chargers, portable speakers, protective cases, headphones and earphones, and memory cards among others. Protective cases is the lucrative product segment and is expected to exhibit steady growth during the forecast period. Further, demand for high quality earphones and headphones is also expected to witness a significant surge during the forecast period.
On the basis of distribution channel, online stores are becoming increasingly appealing to the consumers since they offer a variety of products across several price groups. Further, ease of delivery has made this choice of network appealing among consumers. The mobile phone accessories market is also segmented on the basis of price range into premium range, mid range and low range. Mid range and low range are expected to exhibit strong growth during the forecast period, due to the presence of several local manufacturers that operate in low and mid range segment.
Geographically, Asia-Pacific is the dominating region with India and China being the key contributors to the growth of market. North America and Europe followed closely after Asia-Pacific. The key players operating in the global mobile phone accessories market are Sony Corporation, Sennheiser Electronics GmbH & Co. KG, Bose Corporation, Apple Inc., Panasonic Corporation and Samsung Electronics among others.
Market by Product Type
· Portable speakers
· Protective cases
· Headphones and earphones
· Memory cards
Market by Distribution Channel
· Online stores
· Offline stores
o Single-brand store
o Multi-brand store
Market by Price Range
· Premium range
· Mid range
· Low range
Market by Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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