VALLEY COTTAGE, N.Y. – As the mobile phone market is plateauing, revenues generated from sales of mobile phone accessories are expected to boom over the coming years. Future Market Insights (FMI) projects that the mobile phone accessories market revenue will cross US$ 143 Bn by 2029, growing at a CAGR of 6.3% during the forecast period 2019-2029. As smartphone ownerships are rising tremendously, market players are expected to witness a period of sustained demand.
“Proliferation of low-priced smartphones along with strong focus on improving telecommunications network infrastructure is boosting the mobile phone accessories market growth. The ubiquity of low-priced mobile phones in developing countries is also creating ample growth opportunities for market vendors offering diverse range of products at affordable prices,” says FMI analyst.
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Smart Battery Cases Mark Prominent Trend in Mobile Phone Accessories Technology
The mobile phone accessories market is revolutionizing day-by-day with growing efforts of manufacturers to be responsive to changing consumer preferences. Advancements in technology and consumer demand for innovative products are encouraging manufacturers set their products apart the competition, in order to stay ahead of the curve. Sales of innovative mobile accessories such as wireless chargers and noise cancellation headphones have been skyrocketing in recent years. According to FMI, demand for wireless chargers and protective cases & covers will surge, creating a market size of US$ 17 Bn and US$ 23 Bn by 2029 respectively. Unique innovations in mobile accessories are becoming more interesting than smartphones. For instance, Apple launched iPhone 11 and 11 Pro Max with smart battery cases that allow placing the case on a QI-compatible charging pad to charge the phone, in addition to providing protection to the phone.
APEJ Continues to Present Significant Opportunities
Asia Pacific excluding Japan (APEJ)’s mobile phone accessories market will catapult with more than one-fourth of revenue share through to 2029. Robust development of telecommunication infrastructure network and high internet penetration have encouraged domestic players to continue to innovate their products. Rising demand for smartphones in developing countries such as India, Indonesia, Philippines, and Sri Lanka are expected to boost the mobile accessories landscape in the region. In addition, presence of leading manufacturers in the region such as Xiaomi offering high-quality accessories at affordable prices can provide impetus to market growth. Furthermore, North America continue to be the second-largest market for mobile phone accessories, followed by Western Europe, owing to the presence of a large number of iPhone users.
Preview Analysis of 2019 Analysis and Review of Mobile Phone Accessories Market by Product – Power Banks, Batteries, Chargers, Cases & Covers, Headsets, Portable Speakers, Memory Cards, Data Cables, Mount & Stands, and Selfie Sticks for 2019-2029:https://www.futuremarketinsights.com/reports/global-mobile-phone-accessories-market
Retail Outlets Remain the Most Preferred Sales Channel
Retail outlets continue to be the most preferred sales channel, owing to a large number of consumers preferring traditional methods of shopping and increasing discounts at these stores. Nevertheless, sales via e-commerce channel is expected to grow rapidly at a CAGR of 7.6% over the forecast period. Faster & trusted delivery services, increasing internet penetration, and easy replacement options are boosting sales of mobile phone accessories through e-commerce channel. Moreover, growing young working populous with hectic schedules prefer buying online over retail outlets, leading to realignment of product distribution strategies.
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