Mobile phone accessories: Key market research findings
- Demand for chargers and power banks drives market growth
- APAC dominates the market geographically
- Key vendors – Beats, Incipio, Panasonic, Samsung, and Sony
Technavio’s market research analysts predict the global mobile phone accessories market to grow at a CAGR of more than 6% between 2016 and 2020. The market is driven primarily by the low battery capacity of smartphones. The increased use of smartphones for web browsing, social networking, multimedia, and gaming consumes a lot of battery charge, resulting in a huge demand for chargers and power banks. During 2015, the APAC region dominated the global mobile accessories market by accounting for a market share of over 54%. Factors such as the increase in smartphone shipments annually, growing population, and rising disposable income in the region are some of the factors that will drive growth in the mobile phone accessories market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the mobile phone accessories segments based on the product.
“Consumers are developing a preference for wireless accessories. The demand for wireless accessories, especially audio accessories, stems from the trend of streaming music on portable devices such as smartphones and tablets. The increased use of gaming applications and music streaming by Beats Music, Pandora Media, Spotify, and Soundcloud is also a major factor contributing to the increasing demand for wireless mobile accessories,” says Ujjwal P. Doshi, Lead Analyst, Media & Entertainment, Technavio Research.
By 2020, the protective cases segment is expected to dominate the global market for mobile phone accessories with a market share of almost 23%. With smartphones becoming slimmer and lighter, the need for protecting them from physical damage is on the rise. Users prefer using protective cases to avoid damage to phones as the repair and replacement of parts of a phone incurs high costs. The advent of wireless charging covers is augmenting the adoption of protective cases among smartphone users globally.
The key vendors in the market include Beats, Incipio, Panasonic, Samsung, and Sony. The global mobile phone accessories market is characterized by the presence of intense competition among the existing and new vendors. In this market, the vendors are competing on the basis of product differentiation, portfolio, and pricing to gain maximum market traction. To remain competitive in this market, vendors are investing in planning, developing new products, and are also acquiring new players in the market. The level of competition will further intensify during the forecast period due to technological innovations and creativity of the products. To survive in this stiff competition, vendors should stay up-to-date with the emerging technologies that could influence their service lines.
A more detailed analysis is available in the Technavio report, Global Mobile Phone Accessories Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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