The global mobile accessories market size is expected to reach USD 110.6 billion by 2025, expanding at a CAGR of 7.1% in the forecast period, according to a new report by Grand View Research, Inc. Growing smartphone usage among the millennials and frequent technological modification are among the prominent factors propelling the market growth.
On the basis of product type, protective cases dominated the market with a share of 31.3% in 2018. The fact that the young consumer group is conscious of safety and security of their mobile phones is among the leading factors for the segment growth. Increasing popularity of the protective screen glasses and trendy covers in anticipated to drive the segment in the near future. Apart from protective cases, headphone is expected to expand at the fastest CAGR of 7.6% in the forecast period. Increasing innovation in the product such as introduction of wireless headsets, coupled with fitness conscious consumer group, is driving the segment.
Based on distribution channel, the offline segment dominated the mobile accessories market and accounted for 69.9% share of the total revenue in 2018. Increasing demand for high-end products such as smartwatch and camera lens, coupled with failure in online deliveries of fragile items, is among the prominent factors driving the segment. The online segment is expected to expand at the fastest CAGR of 7.9% in the forecast period. Integration of artificial intelligence in the online retail sites has led to increase in frequent notifications of mobile accessories. Apart from this, discounts on the product is fuelling the market growth in the recent times.
Asia Pacific is the largest region for the product and it accounted for 45.0% share of the overall revenue in 2018. China is one of the leading markets for smartphones and accessories and it accounted for 55.0% share of the Asia Pacific market. The fact that China is capable of changing technologies of the smartphones, they are coming up with accessories that are adaptable with the changing technologies. These factors are driving the market in the region.
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Further key findings from the study suggest:
By product type, the protective case segment held the largest share of 31.3% in 2018
Countries such as UAE and Saudi Arabia are projected to witness significant growth due to increasing demand for smartphones
By distribution channel, the online segment is anticipated to expand at a CAGR of 7.9% in the forecast period.