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Increased Use of Smart Mobile Phones to Drive Market Growth to Nearly $300B

Mobile Phone Accessories Market Size to Generate $284.05 Billion, Globally, by 2026 at 3.1% CAGR

Increase in use of smart mobile phones, surge in usage of smart wireless accessories fuel the growth of the global mobile phone accessories market.

Increase in use of smart mobile phones, surge in usage of smart wireless accessories, high-end technological advancements of OTGs & wireless attachment, development in gaming accessories are the major factors propelling the growth of the global mobile phone accessories market. On the other hand, increase in penetration of counterfeit products curtail down the growth to some extent. Nevertheless, technological advancements in imaging and photographic accessories are expected to pave the way for lucrative opportunities for the key players in the industry.

According to the report, the global mobile phone accessories industry garnered $224.68 billion in 2018, and is estimated to reach $284.05 billion by 2026, witnessing a CAGR of 3.1% during the forecast period, 2019–2026.

The headphone segment to lead the trail till 2026-

Based on product type, the headphone segment contributed to nearly one-fourth of the global mobile phone accessories market revenue in 2018 and is predicted to rule the roost by 2026. Rise in demand for wireless headphones and earphones has driven the growth. At the same time, the battery case segment would register the fastest CAGR of 7.2% during the forecast period. The advancement of wireless charging technologies in smartphones has led to the growth of the segment.

The offline segment to dominate during the estimated period-

Based on distribution channel, the offline segment held the largest share in 2018, garnering nearly three-fourths of the global mobile phone accessories market. This is due to online sales channel is the easiest way to buy mobile phone accessories. The online segment, on the other hand, would cite the fastest CAGR of 5.4% throughout the estimated period. The fact that Samsung, Sony, LG Electronics, and Apple Inc. have setup a chain of specialty stores to provide mobile accessories such as chargers, headsets, and selfie sticks among others has fueled the growth.

Source: Allied Market Research media announcement

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