An accessory is an object utilized to add more value to a marketed object in order to make it more attractive, versatile, or useful. Thus, mobile phone accessories refer to any kind of software or hardware that is not integral to the normal functioning of a mobile phone but are utilized for enhancing one or more of its features. The market for mobile phone accessories has grown exponentially in the recent past owing to the swift adoption of tablets and smartphones globally. The rising disposable income of consumers, particularly in urban areas, has also fuelled the growth of the global mobile phone accessories market.
Increasing Utilization of Internet to Fuel Mobile Phone Accessories Market
The rising utilization of the Internet has also promoted the trend of online retailing in the market for mobile phone accessories. This is owing to the increasing discounts being offered and the growing convenience of payment options such as cash on delivery and online banking during online shopping. Furthermore, the robust distribution networks for mobile phone accessories will also provide impetus to the development of the market.
Protective Cases Held Dominant Share in 2014
On the basis of product type, the market for mobile phone accessories is categorized into protective cases, chargers, headphones/earphones, memory cards, power banks, portable speakers, batteries, and others. Amongst these product segments, protective cases led the market in 2014 and are predicted to rise at a healthy growth rate from 2015 to 2025. On the other hand, on the basis of revenue, the segments of chargers and headphones/earphones are also poised to constitute a key share in the market for mobile phone accessories in forthcoming years
By price, the market can be categorized into low-, mid-, and premium-priced accessories. Among these, mid-price range accessories led the market in 2014 and are anticipated to maintain their superiority through the forecast period.
Online Stores Outpacing Single-brand and Multi-brand Stores
By distribution channel, the mobile phone accessories market is classified into online stores, single-brand stores, and multi-brand stores. Amongst these, multi-brand stores constituted a significant share in the market in 2014, however, both multi-brand stores as well as single-brand stores are expected to lose their share owing to the increasing inclination of consumers toward online stores.
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APEJ Led Market with a Share of Over 47% in 2014
Geographically, the global mobile phone accessories market is segmented into Western Europe, North America, Latin America, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and the Middle East and Africa (MEA). Amongst these, the region of APEJ led the market in 2014 with a share of more than 47%. North America trailed APEJ and constituted the second largest share of more than 16% in the market in the same year. On the other hand, the MEA and Latin America markets are collectively poised to emerge as most swiftly developing regions in the market for mobile phone accessories in the coming years.
The prominent players dominant in the market are BYD Inc., Sony Corporation, Samsung Electronics, JVC Corporation, Beats (Apple Inc.), Sennheiser Electronics GmbH & Co. KG, , Otterbox, Griffin Technology, and Bose Corporation, among others.