Mobile Accessories Market

Rise in smartphone demand to propel the market growth

The demand for smart devices like smartphones, smart wearables, and tablets is increasing exponentially in the modern technological era. Instant interactions between people worldwide are now possible thanks to smartphones, SMS, text messages, calls, video chat, and applications. They are lightweight and perfectly pocket- or bag-sized. Those with little funds have a few options from which to pick. The demand for smartphones has also surged due to the entertainment value of cellphones. Sales of smartphones have skyrocketed as a result of the rising standard of living and economic expansion, particularly in Asia's developing nations.

The demand for smartphones affects the market for mobile accessories. Numerous applications for mobile accessories are available to improve a smartphone's user experience. For instance, a power bank offers mobile charging, Bluetooth joysticks enhance gameplay, headphones offer high-quality, individualized music, mobile cases offer safety, and a screen protector shields the screen. Thus, this factor is driving the market CAGR for mobile accessories.

Additionally, according to research, mobile gaming accounts for 60% of the entire gaming market. This has led to a rise in demand for mobile accessories like Bluetooth controllers, triggers, cooling fans, and noise-canceling headphones. Mobile games' accessibility and convenience of download are factors in their rise because they can be played practically anywhere. For developers and publishers, creating a mobile game is less expensive, and since the majority of recently published games use a free-to-play business model, entry hurdles are low. Mobile games are recognized for their creativity and for having games that are on par with those on consoles.

Over the course of the projection period, the market will be driven by the continued growth of the mobile gaming sector and the introduction of console games on mobile platforms.

Furthermore, smartphone accessory technology has advanced quickly as a result of the increased desire for better camera quality and convenience of photography with smartphones. These include of portable flashlights, wide-angle lenses, video stabilization devices, and rapid photo printers. A good video stabilizer and wide-angle, high-resolution lenses may not be included into every smartphone. Accessories are created to improve the mobile phone's camera capability in order to address these drawbacks without purchasing additional equipment like a digital camera.

The demand for portable lenses, flashlights, and stabilizers is anticipated to create an opportunity for the expansion of the mobile accessories market due to the convenience element associated with it and the rising trend of content creation for many social media websites. Thus, it is anticipated that this aspect will accelerate mobile accessories market revenue globally.

Sustainability is becoming a critical factor in the Global Global Mobile Accessories Market Industry. Consumers are increasingly aware of environmental issues and are seeking eco-friendly products. Manufacturers are responding by developing accessories made from sustainable materials and implementing recycling programs. This focus on sustainability not only meets consumer demand but also aligns with global initiatives aimed at reducing electronic waste. As companies adopt greener practices, they may enhance their brand image and appeal to environmentally conscious consumers, potentially driving growth in the market as it evolves towards a projected value of 225.9 USD Billion in 2024.

1. Innovations in technology play a pivotal role in shaping the Global Global Mobile Accessories Market Industry. The advent of wireless technology, particularly in audio accessories like earbuds and headphones, has transformed consumer preferences. Features such as noise cancellation and enhanced battery life are becoming standard, appealing to tech-savvy consumers. Moreover, advancements in charging technology, such as fast charging and wireless charging pads, are increasingly sought after. These technological improvements not only enhance user experience but also contribute to the projected growth of the market, which is anticipated to reach 543.0 USD Billion by 2035.

Consumer spending patterns are evolving, contributing to the expansion of the Global Global Mobile Accessories Market Industry. As disposable incomes rise, particularly in developing regions, consumers are more willing to invest in premium mobile accessories. This trend is evident in the growing demand for high-quality products that offer enhanced functionality and aesthetics. Additionally, brand loyalty is becoming increasingly important, with consumers gravitating towards established brands known for quality and innovation. This shift in consumer behavior is likely to bolster the market, supporting its growth trajectory towards an estimated value of 543.0 USD Billion by 2035.

The rise of e-commerce platforms significantly influences the Global Global Mobile Accessories Market Industry. Consumers increasingly prefer online shopping for convenience and access to a wider range of products. Major e-commerce players are expanding their offerings of mobile accessories, providing competitive pricing and exclusive deals. This shift towards online retail is expected to enhance market accessibility, particularly in emerging economies where traditional retail infrastructure may be lacking. As a result, the Global Global Mobile Accessories Market Industry is poised for growth, with a compound annual growth rate (CAGR) of 8.3% projected from 2025 to 2035.

The Global Global Mobile Accessories Market Industry experiences robust growth due to the increasing penetration of smartphones worldwide. As of 2024, the smartphone user base is projected to reach approximately 6.8 billion, driving demand for various accessories such as cases, chargers, and headphones. This surge in smartphone adoption is indicative of a broader trend towards mobile connectivity, which in turn fuels the need for complementary products. The Global Global Mobile Accessories Market Industry is expected to capitalize on this trend, with a market value of 225.9 USD Billion in 2024, reflecting a growing consumer reliance on mobile technology.

By region, the study provides the market insights for mobile accessories into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific mobile accessories market accounted for USD 70.9 billion in 2021 and is expected to exhibit a 43.20% CAGR during the study period. In terms of consumption and low-cost mass manufacture, nations like China, India, South Korea, Japan, and Vietnam have emerged as major contributors to the expanding market for mobile accessories.

The availability of raw materials, the lower cost of labour and transportation, and the growing popularity of mass production in the Asia-Pacific are all contributing factors.

Further, the major countries studied in the market report for mobile accessories are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Mobile Accessories Market SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

North America mobile accessories market is expected to grow at a significant CAGR from 2022 to 2030. Due to the presence of high-end smartphone companies like Apple, Motorola, and Samsung, the region has experienced substantial growth. In order to solve compatibility problems and give their users better quality, they have also introduced their line of mobile accessories. Further, the US mobile accessories market held the largest market share, and the Canada mobile accessories market was the fastest-growing market in the region.

Europe mobile accessories market accounts for the second-fastest growing market share. The market is anticipated to be driven by factors such as evolving lifestyles and rising disposable income throughout the projected period. Additionally, the market for accessories is being driven by the region's rising smartphone demand. Moreover, UK mobile accessories market held the largest market share, and the Germany mobile accessories market was the fastest-growing market in this region.

Major market players are spending a lot on R&D to increase their product lines, which will help the mobile accessories industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.

One of the primary business strategies manufacturers adopt in the global mobile accessories industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, mobile accessories industry has provided medicine with some of the most significant benefits. The mobile accessories market major player such as Samsung Electronics Co. Ltd. (South Korea), Sony Corporation (Japan), Panasonic Corporation (Japan), Apple Inc. (US), JVC Kenwood Corp. (Japan), Plantronics Inc. (US), Bose Corporation (US), Griffin Technology (US), Otter Products LLC (US), Sennheiser Electronics GmbH & Co. KG (Germany), Huawei Technologies Co.

Ltd. (China), HTC Corporation (Taiwan), Lenovo Group Limited (China), ASUSTeK Computer Inc. (Taiwan) and TCL Communication (China).

Apple Inc. is a global American technology firm with headquarters in Cupertino, California. Apple is the largest technological business by revenue, the largest corporation in the world by market value as of June 2022, the fourth-largest personal computer vendor by unit sales, and the second-largest maker of mobile phones. In September 2022, with a redesigned H2 chip for improved performance, active noise reduction, and transparency mode, Apple unveiled its second-generation AirPods Pro.

Also, the Samsung Group is a worldwide conglomerate of manufacturers with its headquarters at Samsung Town in Seoul. Samsung entered the shipbuilding and construction industries in the middle of the 1970s after first entering the electronics sector in the late 1960s. In April 2022, to introduce an environmentally friendly smartphone cover and watch accessories, Samsung Electronics Co., Ltd. announced a collaboration with plant-based designer Sean Wotherspoon. Completely of the gadget accessories are made using sustainably produced, 100 percent recycled materials, and the watch bands and cases are all biodegradable.