Mobile Accessories Market Set to Witness an Uptick during 2023 to 2030: Grand View Research Inc.Posted by Sona Kulkarni on March 8th, 2024 Mobile Accessories Market Growth & Trends The global mobile accessories market size is expected to reach USD 148.81 billion by 2030, expanding at a CAGR of 6.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing demand for smartphones, as they are an effective means of communication around the globe, is expected to drive the market in the forecast period. In addition, increasing demand for wireless devices, coupled with frequent changes in technologies is driving the market in the near future. For instance, companies are coming up with the latest technologies such as wireless headsets and speakers. This has boosted the market demand for the industry in recent times. Furthermore, the increasing adoption of smartphones among teenagers has increased the demand for certain accessories such as mobile covers and headphones as they keep themselves updated with the changing technologies in the market. The mobile accessories market is growing due to the higher adoption of mobile phones at the global level. According to a report published by sell cell, in 2021 global mobile phone sales reached 1748.8 million, which means 22.2% of the global population purchased a mobile phone in 2021. The factors driving the growth of the global market include increasing adoption of the IoT and AI technologies, as well as cutting-edge technological advancements in voice recognition systems, wireless audio devices, clip-on headphones, and precise integration of speech recognition software. The competition in the global mobile accessories market is increasing thus the manufacturers are focusing on innovative features and technologies in the product line like high video resolution, selfies, games, etc. All these features generate the demand for power banks, earphones, headphones, etc. During COVID-19, lockdowns were enforced in many regions of the world, and people were forced to stay at home and restrict their activities. In addition, schools were shut down during the pandemic and there was a change in the behavior of people using mobile phones. A lot of classes and activities happened online. People who had normal phones changed their phones to smartphones. With the increasing popularity of smartphones, the use of digital apps is also becoming more common among users. For instance, according to a report published by sell cell, in 2021 1510.3 smartphones are sold as compared to 2020. 113.0 million People have updated their mobile phones in 2021. However, the market is expected to eventually return to the pre-pandemic situation as people resume their normal life. This trend is anticipated to impact positively during the forecast period. The offline segment led the market share and is expected to witness progressive growth in demand during the forecast period. The offline segment accounted for the leading market share of more than 69.0% share of the overall revenue and is expected to witness significant growth in the near future. Increasing demand for costly devices such as smartwatches along with mobile camera lenses and perception of issues with the delivery of fragile items are the factors propelling the segment's growth. Traditional methods of shopping and difference in price in local retail outlets and other wholesale markets are the reasons for the segment growth. The headphone segment is expected to register a CAGR of 7.3% during the forecast period. One of the most developing trends in the mobile industry at present is the growing sophistication of headphones. It also fuels the market growth for unconditional connectors such as type-c USB Ports cables. Growing fitness consciousness among the young population has driven demand for sports and fitness headphones in recent times. The popularity of cheap headphones has increased among the economical consumer group due to a rise in traveling trends standalone. In 2022, Asia Pacific led with a market share of around 46.5% and is anticipated to witness a significant CAGR in near future. In Asia Pacific, China contributed to the majority of the share and accounted for 55.2% share of the overall revenue in 2022. Europe is the second-largest segment with a market share of around 21.0% in 2021. Western Europe is the dominant segment in Europe, due to the high purchasing power and fashion-conscious consumers in countries, such as Germany, and the U.K. The market presents moderate to low entry barriers due to the presence of a large number of unstructured dealers in the market. The market is further driven by innovation in technology, mergers & acquisitions, and joint ventures. The companies also spend a huge chunk of their revenue on research and development as the industry witnessed frequent changes in technologies. In order to gain a competitive edge, the market players must understand the need for the product among the consumers. Request a free sample copy or view report summary: Mobile Accessories Market Report Mobile Accessories Market Report Highlights
Access Press Release@ https://www.grandviewresearch.com/press-release/global-mobile-accessories-market Mobile Accessories Market Segmentation Grand View Research has segmented the global mobile accessories market based on the distribution channel, product type, and region: Mobile Accessories Product Type Outlook (Revenue, USD Billion; 2017 - 2030)
Mobile Accessories Distribution Channel Outlook (Revenue, USD Billion; 2017 - 2030)
Mobile Accessories Regional Outlook (Revenue, USD Billion; 2017 - 2030)
List of Key Players in Mobile Accessories Market
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. Like it? Share it! More by this author |