In 2020, the size of the global mobile phone accessories market was valued at USD 202.45 billion. It is estimated to reach USD 328.70 billion by 2030 from 2021-2030 with a CAGR of 4.5%.
The mobile phone accessories market is flourishing due to the increased adoption of mobile phones globally. According to a survey, the total number of smartphone shipments in the third quarter of 2019 reached 352.4 million units. Growing penetration of IoT and AI technologies, as well as innovative technological advancements in speech recognition systems, wireless audio products, clip-on headphones, as well as the precise integration of speech recognition software; are the growth factors of the world market.
Global digitization is leading to increased dependence on smart gadgets, especially mobile phones. The improved connectivity spectrum tends to higher adoption of mobile phones at the individual level resulting in consequent growth of the mobile phone accessories market. Cell phone accessories are the hardware components, insignificant in the operation of cell phones, but are necessary to provide further support, product improvement and a greater factor of convenience. This includes innovative accessories such as external batteries, power banks, wireless headphones, wireless chargers, memory card, protective case, screen protectors and many more.
In addition, rapid urbanization, increasing per capita income globally, a greater inclination towards social networking sites and the growing demand for trendy mobile accessories, especially from the younger generation, are expected to propel the growth of the mobile phone accessories market in coming future.
In addition, advanced product launches by market players, growing demand for wireless accessories and fast-processing software, as well as technological advancements in imaging and photography accessories, are opening up new avenues of development. lucrative opportunities in the global mobile phone accessories market.
However, the increased use of headphones resulting in hearing loss issues and fierce competition among major manufacturers resulting in higher tariffs imposed on international trade are the factors that are expected to hamper the growth of the mobile phone accessories market over the course of of the forecast period.
Summary of the news:
- 2030: Outlook for the Global Mobile Phone Accessories Market
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