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.
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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.
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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.
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