The increasing application of mobile phones and the expansion of 5G technology to ease operations and help in the smoother functioning of these devices are expected to have significant impact on mobile phone accessories market. According to a study by Future Market Insights (FMI), the market will surpass US$ 86.80 Bn by 2021. With the incorporation… Read More »Mobile Phone Accessories Market 2021 Key Players, SWOT Analysis, Key Indicators and Forecast to 2031
Key Players and Forecast in the Mobile Phone Accessories Market 2021-2031
The increasing application of mobile phones and
the expansion of 5G technology to ease operations and help in the smoother
functioning of these devices are expected to have significant impact on mobile phone accessories market. According to a study by Future Market Insights
(FMI), the market will surpass US$ 86.80 Bn by 2021.
With the incorporation
of IoT in households, a swift rise in the demand for mobile phone accessories
has been witnessed, and this trend will continue in the near future. The
emergence of 5G technology will also boost the demand for mobile phone
accessories that work on augmented reality and virtual reality technology.
To
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The high speed of 5G
technology will provide a better experience of devices that are connected
through wireless technology and will play a major role in driving the demand
for wireless connectivity devices.
In addition, growth in
smart homes and smart appliances sales has been a complementing factor for
mobile phone accessories. The demand for protective cases and covers is
expected to be significantly high. Nearly 20% of mobile phone accessories sales
are expected to concentrate in this segment.
With the advent of 5G
technology, consumers will have a better experience at the usage of smart
devices owing to better connectivity and high-speed Internet, which is
estimated to fuel the demand for smart devices in the near future.
Key Takeaways from the Mobile Phone
Accessories Market Study
- FMI in its latest
study has forecast the market to rise at a CAGR of ~6.7% between 2021 and 2031 - The U.S. is expected
to register impressive growth, accounting for above 78% of overall sales in
North America - The U.K. is expected
to register nearly 4% Y-o-Y growth in 2021 - The demand from
Germany and France is expected to rise considerably in response to the
expansion of 5G networks - While China will
remain leading market in East Asia, the demand from South Korea and Japan too
is expected to rise at a swift pace
“Market players are
focusing on the expansion across eCommerce platforms such as Amazon, Walmart,
and others to expand their footprint. Besides this, their investment towards
innovation is increasing as well to launch products with advanced features,”
says an FMI analyst.
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Increasing Focus on the Miniaturization of
Electronic Devices
Companies are focusing
on introducing compact electronic components for printed circuit boards.
This is intended to enhance the performance of devices such as smartphones as
well as reduce the overall production cost.
Moreover, they are
expanding their footprint, especially in high-growth markets such as India and
China through various mergers and acquisitions. Mobile phone accessories are
increasingly adopted for improving the end-user experience of mobile phone
users, which has contributed to the growing demand for mobile phone
accessories.
Impact of COIVD-19 & 2020 Market Analysis
The COVID-19 outbreak
has encouraged governments and organizations to take exceptional measures to
deal with the ongoing crisis. Such measures have led to the implementation of various
restrictions on movement and business, transitory closure of organizations, and
required physical distancing for extended period of time.
The COVID-19 pandemic
has fundamentally reduced worldwide monetary action and has caused critical
instability across various sectors. The COVID-19 pandemic and the measures
taken by nations in response have adversely affected the mobile phone
accessories business across the world.
Who is winning?
Some of the key
players operating in the mobile phone accessories market are Samsung
Electronics Co. Ltd., Logitech International S.A., Harman International
Industries Incorporated, Plantronics Inc., Apple Inc., Sony Corporation, GN
Group, Incipio Group, Western Digital Corporation, Kingston Technology Company
Inc., Cambridge Soundworks Inc., Bscstore Inc., The Case Factory, TYLT,
Ballistic, Moftware Inc., Seidio Inc., Skullcandy Inc., SincoCase International
Industrial, Case Mate Inc., and among others. In order to gain competitive
advantage, the market players are focusing on product launches. For instance:
- In May 2020,
Skullcandy Inc. had launched its new True Wireless earbuds-Push Ultra, Indy
Evo, Indy Fuel, and Sesh Evo. This would help the company to attract more
customers as the company had also added new features like wireless charging,
solo bud use and Tile technology which would help the customer to experience
unlike any other in the market. - In December 2020,
Apple Inc. had launched AirPods Max, wireless headphones. The new AirPods Max
has advanced software to power computational audio for a breakthrough listening
experience with adaptive EQ, active noise cancellation, transparency mode, and
spatial audio. This would help the customers to have a breakthrough listening
experience.
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Get Valuable Insights into Mobile Phone
Accessories Market
Future Market
Insights, in its new offering, provides an unbiased analysis of the global
mobile phone accessories market, presenting historical demand data (2016-2020)
and forecast statistics for the period from 2021-2031. The study divulges
compelling insights on the mobile phone accessories market based on the
packaging type (folding cartons, clear view boxes, pouches & bags,
clamshells, blister packs, and trays), product type (power banks, batteries,
chargers, wired, wireless, protective cases & covers, headsets, portable
speakers, memory cards, data cables, mount & stands, selfie stick, and
others), sales category (brands, 3rd parties, and white
labels/no-name brands), price range (premium, mid, and low), sales channel
(retail outlets, electronic stores, franchise outlets, exclusive stores,
e-Commerce) across seven major regions.
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