Mobile Phone Accessories Market in Full Swing With New Product Launches
PORTLAND, Oregon and PUNE, India, July 2, 2018 /PRNewswire/ --
The ubiquity of smartphones and advancement of technologies have led to adoption of mobile phone accessories across the world. As the technology became the biggest influencer, people have changed their lifestyle with acceptance more gadgets and relied more on marvels of technology that would ease their lives. The adoption for accessories to be possessed with smartphones such as power bank, headphones, charger, and others has gained momentum. The tech-savvy people have been possessing many gadgets that would provide convenience and flexibility in their lives. Moreover, online platforms have been offering these gadgets and accessories in discounted prices, so adoption is experiencing an upward spike. According to the report published by Allied Market Research, the global mobile phone accessories market was valued at $217.2 billion in 2016, and would reach at $255.1 billion by 2023, registering a CAGR of 2.3% from 2017 to 2023.
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The report segments the global mobile phone accessories market based on product type, distribution channel, price range, and geography. People have been using battery, portable speaker, headphone/earphone, memory card, charger, battery case, power bank, protective case, and other types of products. In 2016, the highest share of the market was contributed by headphones, generating a revenue of $60.74 billion. This segment would grow at a CAGR of 2.5% from 2017 to 2025. Online and offline are the channels through which mobile phone accessories are distributed. Offline channel generated revenue of $157.33 billion in 2016. These accessories are available in mid, low, and premium range of prices. Geographically, the report segments the market into North America, Europe, Asia-Pacific, and LAMEA. Market players have been trying to expand their presence into different regions to gain more market share worldwide. In 2016, Asia-Pacific generated the highest revenue and contributed to share of nearly 46.50% owing to technological advancements and rise in the adoption of smartphones.
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The global mobile accessories market is driven by factors such as significant increase demand for wireless accessories, adoption of smartphones, and strong distribution network. Moreover, rise in disposable income and need for convenience supplements growth. On the other hand, launch of technologically advanced products present new opportunities in the industry. Power bank has become one of the necessities with fast pace of life. Quantum Hi-Tech, one of the leading market players has launched 10000mAh power bank, which also has three USB ports. The portable-cum-durable power bank has a big Lithium-ion battery. It offers 10W output with fast charging. The conversion rate provided by this product is 80 percent, and adjusts the output based on the connected device. The power bank offers support for over 500 times of charge/discharge cycles and has an LED display to indicate battery status.
The demand for portable speakers has increased significant over the past few years. Market players have been offering innovative products to lure users into buying their products and increase market share. SoundBot has released the portable Bluetooth speaker, SB531. It is IPX7 certified and capable to survive in water and extreme conditions. Offering eight hours of playtime, its Bluetooth 4.1 technology is compatible both ways, forward and backwards. The in-built FM radio has a one-touch auto scan feature to enable selection of the favorite channel. Its anti-shock protective silicon design enables protection from damages.
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Market players have been working on the launch of innovative headphones to gain competitive edge and stronghold in the market. According to the report from Bloomberg which cited people familiar to the matter, Apple is set to launch its over-ear headphones in early 2019 to compete against products of Bose and Sennheiser. The tech giant Apple has been entered the premium audio accessories industry to boost revenue and profit. The new headphones would be sold under the Apple brand instead of Beats, which was acquired for $3 billion in 2014. There will be innovative products by various market players in coming years. Other market players include Panasonic Corporation, Sony Corporation, Sennheiser Electronic GmbH & Co. KG, Samsung Electronics Co., Ltd., BYD Co Ltd., Energizer Holdings, Inc., Plantronics, Inc., and JVC Kenwood Corporation.
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