Global Mobile Phone Accessories Market
Mobile phone accessories are software or hardware components that are not integral to the operation of mobile phone. The increasing adoption of smartphones and other handheld mobile devices has led to the rapid growth of the global mobile phone accessories market. An increase in disposable income across regions such as Asia Pacific and a dip in the prices of smartphones have fuelled the market for mobile phones as well as for their accessories. In emerging economies such as India, China, Brazil, and Indonesia, the sales of smartphones have increased, thereby creating secondary demand for accessories that are usually not sold along with smartphones.
Mobile phone accessories include chargers, batteries, headphones/earphones, portable speakers, memory cards, protective cases, and power banks. The demand for protective cases has been the highest and is expected to surge during the period between 2016 and 2024. The demand for chargers and headphone/earphones is also anticipated to significantly increase in the coming years. It has been observed that accessories such as chargers and headphone/earphones are usually supplied by original equipment manufacturers (OEMs). As modern-day smartphone batteries are unable to endure heavy usage, the demand for power banks is expected to increase rapidly.
The global mobile phone accessories market operates through a number of distribution channels such as online stores, single-brand stores, and multi-brand stores. With the introduction of e-commerce, online stores are being preferred by consumers over single-brand and multi-brand stores. As a result, brick-and-mortar distribution stores are projected to experience a dip in their revenue in the near future. In terms of price, mobile phone accessories have been segmented into premium, mid-, and low-range price categories. Consumers usually prefer mid-range-priced mobile phone accessories.
Global Mobile Phone Accessories Market: Overview
Mobile phone accessories complement the features, performance, and maintenance of mobile handsets. Technological innovations and the need for the effective maintenance of mobile phones have propelled the growth of the global mobile phone accessories market. The market is highly dynamic due to frequent product launches introducing new features. The compatibility and interchangeability of mobile phone accessories let consumers choose from a wide range of product offerings. The growing demand for mobile phone accessories and high profit margins of products has led many established players in the mobile handset market to launch their own accessories.
The presence of a large number of multinational as well as regional brands has boosted the growth of the global mobile phone accessories market. Compared to multinational brands, regional players in the market offer fewer mobile accessories to keep their prices competitive. As a result, the majority of customers buy mobile accessories from local stores or from online stores. In the coming years, the global mobile phone accessories market is expected to be dominated by local manufacturers due to their low production costs and competitive pricing.
Global Mobile Phone Accessories Market: Region-wise Outlook
The global mobile phone accessories market has been segmented into four key regions: Europe, North America, Asia Pacific, and Rest of the World. Asia Pacific dominates the overall market owing to the increased adoption of smartphones in the region. North America is the second-largest market for mobile phone accessories, followed by Europe. In the near future, the mobile phone accessories market in Rest of the World is expected to witness significant growth.
Some of the prominent players in the global mobile phone accessories market are Energizer, BYD Inc., Samsung Electronics, Sony Corporation, Panasonic Corporation, Beats (Apple Inc.), JVC Corporation, Otterbox, Sennheiser Electronics GmbH & Co. KG, Plantronics Pty Ltd, Bose Corporation, and Griffin Technology. Key players are focusing on mergers and acquisitions, along with new product launches to expand their business.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.