Pioneering Progress: Mobile Phone Accessories Market Initiates 6.5% CAGR by 2034

According to analysis, the mobile phone accessories market is forecasted to achieve a valuation exceeding USD 196,142.9 million by 2034, with projections indicating a steady Compound Annual Growth Rate (CAGR) of 6.5% throughout the period. Presently valued at USD 104,498.2 million in 2024, this market demonstrates sustained growth potential driven by evolving consumer preferences and technological advancements in mobile devices. The increasing reliance on smartphones and the demand for complementary accessories contribute to this upward trajectory, offering lucrative opportunities for manufacturers and retailers operating within the mobile phone accessories sector to capitalize on emerging trends.

78% of all sales in North America are still made in the United States. While China will still be the region’s biggest market, demand is expected to increase significantly in South Korea and Japan.

The survey claims that a protective case, headphones or earbuds, a charger, a battery, a memory card, a power bank, a portable speaker, and “others” are the most popular mobile phone accessories on the market.

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The key factors that are driving the global mobile phone accessories market include rising smartphone ownership and mushrooming of multi-brand distributors and retailers.

Smartphone sales are buoyant in emerging economies, such as China, India, Brazil, and Indonesia. Smartphone shipments increased from 1.1 Bn units in 2013 to 1.2 Bn units in 2014. Around 45% of these 1.2 Billion units were shipped to China. FMI expects the rising smartphone ownership to create secondary demand for products that are not usually included in the box, such as power banks and protective cases.

In addition to multination brands, the smartphone segment in emerging nations also includes regional players, such as Xiaomi and Micromax. FMI’s analysis revealed that compared to multinational brands, these local players offer fewer mobile accessories in their offerings in a bid to keep the prices competitive. Owing to this, a majority of consumers buy mobile accessories from the local market or from e-commerce sites. Increase in the sales of smartphones made by local manufacturers is expected to provide an impetus to the mobile phone accessories market during the forecast period.

The emergence of multi-brand distributors and retailers has allowed manufacturers of mobile phone accessories to reach a wider audience. Additionally, the selling of mobile phone accessories through online retailers is boosting the market’s expansion on a global scale. During the projection period, FMI anticipates that both multi-brand stores and e-commerce stores would grow, which is projected to boost the global market for mobile phone accessories.

Few reasons can impede the expansion throughout the projection period, despite the fact that FMI continues to have a favourable outlook on the global market for mobile phone accessories.

Lack of stringent checks on pirated accessories is eating into the revenue share of key stakeholders in the market. Pirated mobile accessories are offered at a fraction of the price of original products, making it difficult for manufacturers to compete with them.

Currently, there exists a lack of standardization in technology and components used for manufacturing mobile accessories. Undefined standards in the market lead to high product and price differentiation, this may hinder growth of the mobile accessories market to some extent.

The key trends analysed by FMI in the global mobile phone accessories market include growing demand in Asia and spate of mergers and acquisitions. Diversification of product portfolio and product advancement are the other major trends in the global mobile phone accessories market.

Key Players in the Mobile Phone Accessories Market