The global mobile phone accessories market size is expected to grow by USD 32.73 billion during 2021-2026, at a CAGR of almost 6%. The integration of advanced functionalities in smartphones, the growing preference for wireless mobile phone accessories, and the proliferation of low-priced smartphones are some of the major factors propelling the market growth. However, factors such as the growing market for counterfeit mobile accessories and the short shelf life of smartphones may impede the market growth.
Key Mobile Phone Accessories Market Driver
One of the key factors driving market growth in the mobile phone accessories market is the integration of advanced functionalities in smartphones. The competition in the global smartphone market has intensified as smartphone manufacturers are focusing on integrating innovative features and technologies in their products to stay competitive in the market. Such latest innovations will allow users to employ their devices for several applications, such as taking high-definition videos and selfies, accessing mobile applications quickly, and playing high-definition games. All these activities will generate the demand for accessories such as power banks, earphones, headphones, protective cases, screen protectors, and others to use smartphones in effective ways, triggering the growth of the focused market during the forecast period.
Key Mobile Phone Accessories Market Trend
One of the prominent market trends in the mobile phone accessories market is the increasing focus on improving telecommunication network infrastructure. Smartphone manufacturers, government organizations, and telecommunication service providers are working in collaboration to improve the telecommunication network infrastructure to support high network bandwidth capacity. This is accelerating investments in the 4G/5G networks and developments in 4G/5G compatible devices. For example, in September 2018, Celcom Axiata Berhad, a Malaysia-based mobile telecommunications provider, announced that it had signed an agreement with Telefonaktiebolaget LM Ericsson. Under this agreement, Telefonaktiebolaget LM Ericsson will supply Celcom Axiata Berhad with radio access network (RAN) equipment from its Ericsson radio system portfolio. This will accelerate the use of mobile phones for accessing online audio and video content which, in turn, result in high demand for mobile phone accessories.
Key Mobile Phone Accessories Market Challenge
One of the prominent market challenges that are hindering the growth of the mobile phone accessories market is the growing market for counterfeit mobile accessories. The counterfeit mobile accessories market records high growth in emerging economies such as Indonesia, Malaysia, India, and Taiwan in APAC. This demand is driven by the increased preference for low-cost products in the region and the high availability of counterfeit products. The easy availability of these products on every distribution channel, including physical and online retail stores, in each country, makes it difficult to control the sales of counterfeit items. The increasing sales of these products are reducing the total potential market for mobile accessories creating a challenge for the growth of the global mobile phone accessories market.