Swelled Disposable Income And Increasing Urban Population Are Likely To Impel The Growth Of Mobile Phone Accessories Market Between 2017 And 2023, According To Research Nester
The global mobile phone accessories market is segmented into product type such as battery, charger, power bank, earphone/headphone, memory card, mobile phone cases, mobile phone protective cases and mobile phone battery cases. Increasing number of smart phone users is a major factor which is augmenting the demand for mobile phone accessories across the globe.
Global mobile phone accessories market is expected to register a robust CAGR over the forecast period. Moreover, the global mobile phone accessories market was valued at USD 62,713.4 Million in 2016 and is expected to reach at notable revenue by the end of 2023. The global mobile phone accessories market is primarily driven by a number of factors such as rising disposable income of the consumers coupled with changing lifestyle of medium class population and availability of smart phones at affordable price.
The multi-brand store segment by distribution channel is likely to grow at remarkable pace during the forecast period. Consumer’s inclination towards multi-brand stores due to wide availability of various brand products in single stores is believed to foster the growth of global mobile phone accessories market in near future. However, online store segment is also envisioned to witness significant growth during the forecast period.
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Swelled disposable income
Availability of mobile phones at affordable price has led consumers to spend on smart phones and their accessories. Further, increasing demand for branded and advanced mobile phone accessories in upper class families is also anticipated to fuel the growth of global mobile phone accessories market. Additionally, growing bring your own device (BYOD) trend is a key reason which is escalating the expansion of smart phone market as well as mobile accessories market.
Increasing urban population
The global mobile phone accessories market is poised to display substantial growth during the forecast period due to increasing urban population especially in emerging economies such as China and India. Rising urban population is a key factor which is likely to allow consumers to spend more on smart phone which in turn expected to create significant demand for mobile phone accessories across the globe.
However, availability of counterfeit products and brand awareness amongst the population of rural areas are likely to hinder the growth of global mobile phone accessories market during the forecast period. Further, presence of local vendors and their low cost offering is also anticipated to restrain the growth of global mobile phone accessories market over the forecast period.
The report titled “Global Mobile Phone Accessories Market Analysis & Opportunity Outlook 2020” delivers detailed overview of the global mobile phone accessories market in terms of market segmentation by product type, by distribution channel, by price range and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global mobile phone accessories market which includes company profiling of Apple Inc., LG Electronics Inc., Lenovo Group Ltd., Sony Mobile Communication Inc., Samsung Electronics Company Ltd., Panasonic Co., Koninklijke Philips N.V., and Otter Products LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global mobile phone accessories market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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