Mobile Accessories Market to hit USD 154 billion by 2032, says Global Market Insights Inc.
Mobile Accessories Industry is projected to witness a CAGR of 6.5% during the period 2023-2032. This growth can be attributed to the increasing smartphone adoption.
Selbyville, Delaware, Oct. 02, 2023 (GLOBE NEWSWIRE) —
Mobile Accessories Market size is expected to be worth USD 154 billion by 2032. Ongoing enhancements in Bluetooth protocols, coupled with the introduction of features like extended connectivity range, reduced power consumption, and superior audio quality, are expediting the popularity of wireless connectivity within the realm of mobile accessories.
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In January 2020, the Bluetooth Special Interest Group (SIG) unveiled LE Audio, representing the next evolutionary leap in Bluetooth audio technology. In addition to improved audio performance, LE Audio would introduce essential support for hearing aids and open up the possibility of Audio Sharing.
Furthermore, the proliferation of e-commerce platforms and online retail channels has expanded the reach of mobile accessories, making them easily accessible to a global customer base. The digital marketplace has also allowed for greater price transparency and competitive pricing, enticing consumers to explore and purchase a wide array of accessories. the growing awareness of sustainability and eco-consciousness has led to an uptick in eco-friendly mobile accessory options, reflecting the constant change in consumer preferences.
Earphones & Headphones to gain traction
Mobile accessories market share from the earphones & headphones product segment will register over 7% through 2032. The proliferation of mobile devices for entertainment, communication, and work necessitates high-quality audio experiences, driving consumers to invest in premium audio accessories. The rise of remote work and online learning has also led to increased use of headphones for noise isolation and enhanced concentration. In a survey conducted by Sonarworks among employees who utilize computers in their professional roles, it was revealed that 19% of respondents opt to wear headphones with the purpose of mitigating distractions and enhancing their concentration.
Additionally, the growing trend of mobile gaming and streaming services has created a need for immersive audio experiences. Furthermore, advancements like wireless connectivity and noise-cancellation technologies have made these accessories more convenient and appealing.
Online platforms to become a preferred distribution channel
Mobile accessories market size from the online distribution channel will be over USD 55.5 billion by 2032. The convenience of online shopping allows consumers to browse a vast array of accessories, compare prices, and read reviews from the comfort of their homes.
Furthermore, the global reach of e-commerce platforms enables customers to access a diverse range of products, including niche and specialized accessories that may not be readily available in local stores. Features such as doorstep delivery and hassle-free returns are further incentivizing consumers to opt for online channels, driving the steady increase in mobile accessory sales online.
North America to emerge as a profitable market
North America mobile accessories market size will be worth USD 28 billion by 2032, driven by the strong focus on innovation and research and development within the industry, as companies strive to introduce innovative products that align with the exacting demands of North American consumers.
In April 2023, Ericsson, in collaboration with the Government of Canada, announced a substantial five-year R&D partnership valued at over USD 470 million, primarily focused on the company’s facilities in Montreal, Quebec, and Ottawa, Ontario. The intention behind this move was to solidify Ericsson’s global leadership in 5G Advanced, 6G, AI, Cloud RAN, and Core Network technologies. Furthermore, the initiative will facilitate the expansion of research facilities and provide crucial support for quantum computing at Ericsson’s Quantum Research hub in Montreal, further cementing Canada’s position as a tech innovation hub.
There is also a strong base of manufacturers striving to meet consumers’ preferences for cutting-edge mobile accessories enriched with advanced features., which will bolster the industry outlook across North America.
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Mobile Accessories Market Players
Logitech International S.A., Samsung Electronics Co., Ltd., Bose Corporation, Plantronics, Inc., Sony Corporation, Google, Apple Inc., Xiaomi Corporation, Aukey, Harman International Industries, Anket Power Core, Incipio LLC, SanDisk, Groove Made Walnut, and Belkin International Inc. are among the key contenders in the industry. Many of these firms are collaborating with smartphone manufacturers, retailers, and other tech companies to expand their reach.
In June 2022, Ambulant Inc., the creator of WingoCase, a product that improves tablet and smartphone ergonomics while ensuring device protection, partnered with mobile accessory distributor VoiceComm. This collaboration was aimed at broadening the market presence of WingoCase and its Perch accessory by utilizing VoiceComm’s vast distribution network, targeting a wider wholesale audience.
Partial Table of Contents (ToC) of the report:
Chapter 3 Mobile Accessories Industry Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news & initiatives
3.8.4 Product launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
220.127.116.11 Advancements in mobile technology such as processing power and user interface
18.104.22.168 Increasing smartphone adoption
22.214.171.124 Rising awareness of device protection
126.96.36.199 Growing digital content consumption
3.10.2 Industry pitfalls & challenges
188.8.131.52 Counterfeit and low-quality products
184.108.40.206 Fragmented standards and compatibility issues
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
Chapter 4 Competitive Landscape, 2022
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
4.3.1 Apple Inc.
4.3.2 Belkin International Inc.
4.3.3 Bose Corporation
4.3.4 Logitech International S.A.
4.3.5 Samsung Electronics Co., Ltd.
4.3.6 Sony Corporation
4.3.7 Xiaomi Corporation
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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