Rapid technological advancements and tremendous penetration of mobile technology have been pushing the demand for mobile phone accessories over the past decade. The global market for mobile phone accessories will possibly witness robust growth in the near future, as indicated by a recent mobile phone accessories market examination by Future Market Insights (FMI) – over a 10-year forecast period 2017-2027. FMI foresees impressive growth of the mobile phone accessories market during the forecast period, at an estimated CAGR of 6.6%.
Rapidly Growing Consumer Inclination towards Smartphone Usage Boosting Sales of Mobile Phone Accessories in Developing Economies
Increasing adoption of smartphones and tablets are likely to promote immense opportunities to key players in the mobile phone accessories market. Furthermore, growing population and urbanization, especially in developing regions such as Asia Pacific and Middle East & Africa, are anticipated to contribute to the demand for mobile phone accessories market during the forecast period. As indicated by FMI’s study on the global mobile phone accessories market, the growth is substantially driven by increasing disposal income pushing the purchasing power of consumers in developing countries. However, piracy poses a major threat to the growth of mobile phone accessories market, as the market has been witnessing growing inclination of a sizable population towards the cost effective counterfeit products – especially in developing countries. Additionally, lack of standardization in manufacturing mobile phone accessories will hamper the market growth to a greater extent.
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Advancing trends of online shopping and e-banking have significantly influenced the use of smartphones, sequentially fueling the growth of mobile phone accessories market. Furthermore, the key players in mobile phone accessories market increasingly relying on high potential distribution channels such as multi-brand distributors and online shopping sites to gain a competitive advantage.
APEJ to Witness Significant Growth in Global Mobile Phone Accessories Market
More than 50% share of the global mobile phone accessories market revenue is collectively contributed by North America, Western Europe, and Asia Pacific excluding Japan. The FMI report estimates that the revenue contribution of APEJ in mobile phone accessories market will see a significant expansion at a robust pace during the forecast period. China is expected to remain the largest shareholder in this region, owing to growing consumer affluence and rampant urbanization.
Power Bank to Witness Maximum Revenue Growth over Other Types of Mobile Phone Accessories
Numerous options such as USB plug-in power bank, portable solar panel power bank, and pocket-size units are gaining popularity across the globe. In order to expand the customer base, power bank manufacturers are also focusing on delivering highly innovative products which will influence the growth of mobile phone accessories market through 2027. Europe leads in the sales of power bank owing to the presence of organized multi-brand stores. Furthermore, latest developments in power banks such as LED torch and digital charge indicators are anticipated to attract more customers.
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On the basis of product type, protective cases are also likely to register robust growth as they have high popularity as a fashion accessory. This further influences the key players to manufacture trendy and attractive products and in turn contribute in shaping the mobile phone accessories market.