The global mobile phone accessories market will grow to $51.79 billion, Technavio estimates
The global mobile phone accessories market is expected to grow to US$32.72 billion ($51.79 billion) from 2021 to 2026 at a CAGR of nearly 6%, according to market research firm Technavio.
Technavio cited the integration of advanced features in smartphones, the growing preference for wireless mobile phone accessories and the proliferation of low-cost smartphones as factors driving the market growth.
The growing market for counterfeit mobile accessories and the short shelf life of smartphones may hinder market growth, Technavio said.
Competition in the global smartphone market has intensified as smartphone manufacturers focus on integrating innovative features and technologies into their products to remain competitive in the market.
Such innovations will allow users to use their devices for several applications, such as recording high-definition videos and selfies, quickly accessing mobile applications and playing high-definition games.
Features such as high-definition video and selfie recording, access to mobile applications and high-definition gaming will generate demand for accessories such as power banks, headphones, earphones, protective cases and screen protectors.
Trends in the mobile phone equipment market
Technavio pointed out that the increasing focus on improving telecommunication network infrastructure is a key trend in the mobile phone accessories market.
Smartphone manufacturers, government organizations, and telecommunications service providers are working collaboratively to improve telecommunications network infrastructure to support high network capacity.
This accelerates investments in 4G/5G networks and the development of 4G/5G compatible devices.
For example, in September 2018, Celcom Axiata Berhad, a mobile telecommunications provider based in Malaysia, announced that it had signed an agreement with Telefonaktiebolaget LM Ericsson.
Under this agreement, Telefonaktiebolaget LM Ericsson will supply Celcom Axiata Berhad with radio access network (RAN) equipment from its Ericsson portfolio of radio systems.
This will accelerate the use of mobile phones to access online audio and video content, which in turn will lead to high demand for mobile phone accessories, Technavio said.
The high availability of counterfeit products makes control difficult
Counterfeit mobile accessories are a challenge. It has seen high growth in emerging economies such as Indonesia, Malaysia, India and Taiwan in APAC.
This demand is driven by the increased preference for cheap products in the region and the high availability of counterfeit products. The easy availability of these products across all distribution channels, including physical and online retail stores, in every country makes it difficult to control the sale of counterfeit items.
Increasing sales of fake accessories are reducing the overall potential market for mobile accessories, disrupting the global mobile accessories market, according to Technavio.
This first appeared in the CommsWire Subscription Newsletter on October 14, 2022.
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