Mobile Phone Accessories Market Share, Growth and Regional Forecast by 2022 with a Promising Cagr

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Date Submitted: 09/08/2016 12:57 AM

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Mobile phone accessories include software or hardware components that are not vital to the operation of a cellular telephone. Nowadays, phones have multiple functions including accessing internet, taking pictures, listening to music, storage devices, and others. People even beautify and add value to their mobile phones with the help of various mobile accessories. These include protective cases, headphones, USB cables, power banks, chargers, portable speakers, memory cards, and selfie stick. These accessories enhance the functionality of the equipment and also provide protection.

The major factor affecting the market is the increase in adoption of smartphones, owing to features such as providing effective connectivity to the digital world. In addition, Bluetooth wireless headphones offer numerous advantages over wired devices such as portability, convenience, cost-effectiveness, efficiency, and flexibility. These factors cumulatively drive the market growth and have generated a revenue of $61,370 million in 2014. The market is expected to reach $107,629 million by 2022 with a promising CAGR of 7.6% during the forecast period.

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The mobile phone accessories market is driven by the rise in demand for wireless accessories owing to changing customer preferences to listen to music on portable devices, such as smartphones and tablets, through music streaming platforms like YouTube and sound cloud. The demand for mobile accessories has increased due to upsurge in disposable income and rise in popularity of social networking sites in urban areas. In addition, increasing Internet penetration has boosted the online retailing platform. However, excessive use of headphones affects the hearing ability of users, thus restricting the market growth. Rapid technological advancement including implementation of noise canceling technology, Bluetooth/NFC speakers, and built-in fan and light in selfie sticks...