Market Overview —
Nowadays people style their smartphones with various accessories to protect their smartphones. Smartphone accessories are also used for improving longevity and ornamental features of smartphones. Headphones, selfie-stick, portable speakers, power banks and many more provide an advantage to use smartphone in an easier way. Wide adoption of smartphones is boosting smartphone accessories market growth majorly in urban areas. Moreover, innovative product to make a style statement is penetrating the global smartphone accessories market. Top smartphone models such as Apple’s iPhone, Samsung Galaxy sets, Sony Xperia are driving the demand for attractive accessories.
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However, large availability of local players is restricting the profit margins for leading vendors. Regional players are trying to merge with established players to seek a promising growth. For instance, in 2014, SoftBank BB Corp. a Tokyo based mobile accessories company, acquired by Brightstar Corp. aiming for expanding smartphone accessories business in specific region. In 2015, Cat phones have introduced new and affordable range of mobile accessories. Moreover, Karbonn India based mobile phone Company also announced to launch mobile accessories in March 2016.
Key Market Players
• Apple Inc.
• Samsung Electronics Co. Ltd.
• Sennheiser Electronics GmbH & Co.
• Sony Corporation
• Bose Corporation
• Energizer Holdings Inc.
• Panasonic Corporation
• BYD Company Limited
• JVC Kenwood Corporation
• Incipio, LLC
• Plantronics Inc.
• Philips N.V.
• Motorola, Inc.
• Belkin International, Inc.
• Logitech International SA
• Targus Group International Inc.
• Zagg Inc
• Otter Products LLC
• Incase Design Corp.
• Griffin Technology
• Case Logic
Global Smartphone Accessories Market is categorized on the following basis:
• Based on Price
• Based on products
o Protective Phone case
o Screen Protector
o Power Bank
o Others (Selfie-sticks, memory card, battery etc)
• Based on Distribution Channel
o Online Channel
o Offline Channel
The global smartphone accessories market is expected to reach value of USD 104.31 billion by 2024. The smartphone accessories market is projected to witness a healthy CAGR of 6.5% over the forecast period.
Premium ranged accessories are contributing in generating large revenue however the market is primarily acquired by mid-range and low range products by volume. Low range smartphone accessories are anticipated to grow at CAGR of 7.1% over the forecast period. Distribution channel is also attracting the consumers and contributing in increasing the sales of smartphone accessories. Online products have contributed to generate major part of revenue and expected to grow at CAGR 8.5% during the forecast period.
Market Drivers and Challenges
Growing adoption of smartphones is the key factor for boosting growth of smartphone accessories market. Devices such as portable speakers, selfie-sticks and power banks are emerging as a new trend into the market. Rising personal disposable income and rising digitization are attracting the consumers across the globe to opt for advanced accessories for their smartphones. Moreover, availability of smartphone accessories through online distribution channel gaining huge customer interest and also increasing popularity of advanced products among consumers.
However, Bluetooth wireless speakers and headphones are affecting the hearing ability of consumers which is impacting the market growth. As per World Health Organization (WHO) over 22 million of young population is suffering from hearing disability due to harmful sound level produced by wireless speakers and headphones. Moreover, high cost of quality power banks is confining the market for premium customers. Availability of low quality products is also limiting the growth of smartphone accessories market across the globe.
o Business Strategy
o Product Portfolio
o SWOT Analysis
The Global Smartphone Accessories Market is segmented as follows:
• By Price (Market Size, Demand Analysis and Growth Analysis)
• By Products (Market Size, Demand Analysis and Growth Analysis)
• By Distribution Channel (Market Size, Demand Analysis and Growth Analysis)
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