The growing application of mobile phones and the expansion of 5G technology to facilitate operations and help smoother operation of these devices are expected to have a significant impact on the mobile phone accessories market. According to a study by Future Market Insights (IMF), the market will exceed $ 86.80 billion by 2021.
With the integration of IoT in households, a rapid increase in the demand for mobile phone accessories has been observed, and this trend will continue in the near future. The emergence of 5G technology will also stimulate the demand for mobile phone accessories running on augmented reality and virtual reality technology.
The high speed of 5G technology will provide a better experience of devices connected via wireless technology and will play a major role in driving the demand for wireless connectivity devices.
In addition, growth in sales of smart homes and smart devices has been a complementary factor for mobile phone accessories. The demand for protective cases and covers is expected to be considerably high. Almost 20% of mobile phone accessories sales are expected to focus on this segment.
With the advent of 5G technology, consumers will have a better experience of using smart devices through better connectivity and high-speed internet, which is expected to fuel the demand for smart devices in the near future.
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Key Points From Cell Phone Accessories Market Research
- IMF in its latest study predicted that the market would grow at a CAGR of around 6.7% between 2021 and 2031
- U.S. Expected to Record Impressive Growth, Representing Over 78% of Global Sales in North America
- UK expected to grow nearly 4% year-on-year in 2021
- Demand from Germany and France Expected to Increase Dramatically in Response to Expansion of 5G Networks
- While China will remain the main market in East Asia, demand from South Korea and Japan is also expected to increase at a rapid rate.
“Market players are focused on expanding through thCommerce platforms such as Amazon, Walmart and others to expand their footprint. In addition to this, their investment in innovation also increases to launch products with advanced features., explains an IMF analyst.
Increased focus on the miniaturization of electronic devices
The companies are focusing on the introduction of compact electronic components for printed circuit boards. This is intended to improve the performance of devices such as smartphones as well as lower the overall production cost.
In addition, they are expanding their presence, especially in high growth markets such as India and China through various mergers and acquisitions. Mobile phone accessories are increasingly adopted to improve 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 and 2020 market analysis
The COVID-19 outbreak has encouraged governments and organizations to take exceptional action to deal with the current crisis. Such measures have led to the implementation of various traffic and business restrictions, temporary closures of organizations and required physical distancing for an extended period.
The COVID-19 pandemic has fundamentally reduced global monetary action and caused critical instability in various sectors. The COVID-19 pandemic and the actions countries are taking in response have hurt the trade in cellphone accessories around the world.
Some of the major players operating in the mobile phone accessories market are Samsung Electronics Co. Ltd., Logitech International SA, 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, market players focus on product launches. For example:
- In May 2020, Skullcandy Inc. launched its new True Wireless headphones – Push Ultra, Indy Evo, Indy Fuel and Sesh Evo. This would help the company attract more customers, as the company had also added new features such as wireless charging, use of solo headphones and Tile technology, which would help the customer to have a unique experience. on the market.
- In December 2020, Apple Inc. launched the AirPods Max, wireless headphones. The new AirPods Max features advanced software to feed computer audio for a revolutionary listening experience with adaptive equalizer, active noise cancellation, transparency mode and spatial audio. It would help customers to have a revolutionary listening experience.
Get Valuable Insights About Cell Phone Accessories Market
Future Market Insights in its new offering provides unbiased analysis of the global mobile phone accessories market, presenting historical demand data (2016-2020) and forecast statistics for the period 2021-2031. The study reveals compelling information on the mobile phone accessories market based on the type of packaging (folding carton, transparent boxes, pouches and bags, shells, blisters and trays), type of product (power banks, batteries, chargers, wired, wireless, cases and protective covers, headsets, portable speakers, memory cards, data cables, holders and holders, selfie stick and others), sales category (brands, 3rd evenings and white labels / anonymous brands), price range (premium, mid and low), sales channel (points of sale, electronics stores, franchise stores, exclusive stores, e-Commerce) in seven major regions.
About the Consumer Products Division of FMI
Expert analysis, in-depth insights and strategic recommendations – the Retail & Consumer Products team at Future Market Insights helps customers around the world meet their unique business intelligence needs. With a repository of over 500 reports, the team has lucidly analyzed the consumer goods industry in over 80 countries for over a decade. We provide an end-to-end research database of the retail and consumer products market and advisory services; reach out to find out how we can help.