Dublin, April 30, 2024 (GLOBE NEWSWIRE) -- The "Global Mobile Accessories Market Overview, 2024-29" report has been added to ResearchAndMarkets.com's offering.
The global mobile accessories market is on an upward trajectory, with a forecast to exceed USD 290 Billion by the year 2029. This represents a substantial increase from the USD 188.14 Billion valuation in 2023, with a projected compound annual growth rate (CAGR) of 7.68% between 2024 to 2029. The increasing dependence on smartphones for a variety of daily functions, coupled with rising disposable incomes around the world, is driving the demand for mobile phone accessories. Consumers, now more than ever, are seeking methods to enhance their device's capabilities and aesthetics.
The global market is experiencing a substantial rise due to the increased presence and integration of smartphones across various facets of life, from communication and productivity to entertainment. The growing global user base is opting for mobile phone accessories to personalize and improve their smartphone use. Additionally, higher levels of disposable income are enabling consumers to invest in premium and diverse accessory options to complement their mobile devices.
Competitive pressures and rapid technological advancements persist as challenges within the global mobile phone accessories market. Businesses face fragmentation and the presence of counterfeit products, while continuously evolving smartphone features require accessory manufacturers to update their offerings frequently to keep pace with consumer preferences and technological standards.
Market trends indicate a surge in the integration of smart and connected accessories, including wireless earphones with built-in voice assistants and health monitoring smartwatches. The rise of wireless charging solutions is also reshaping the market, providing users with a convenient and efficient way to power their devices.
Product Segments and Distribution Channels
The market segments extensively, with protective cases anticipated to grow at the fastest rate. Online distribution channels, through their global reach and ease of access, are predicted to expand rapidly, enabling consumers worldwide to access a diverse selection of mobile phone accessories.
Regional Market Growth
Regionally, North America is expected to experience significant growth within the global mobile phone accessories market. The demand is escalated by the region’s technologically advanced consumer base and burgeoning smartphone industry.
Industry Landscape and Strategic Implications
The sector reflects moderate to low entry barriers, with a substantial number of unstructured dealers participating in the market. Organizations are increasingly focusing on innovation, mergers and acquisitions, strategic alliances, and research and development to maintain a competitive advantage and cater to the evolving consumer demands.
Companies Profiled
- Xiaomi Corporation
- Apple Inc.
- Huawei Technologies Co. Ltd.
- Sony Group Corporation
- Anker Innovations Co. Ltd.
- GN Store Nord A/S
- Logitech International SA
- Samsung Electronics Co. Ltd.
- Sennheiser Electronic GmbH & Co. KG
- The Hewlett-Packard Company
For more information about this report visit https://www.researchandmarkets.com/r/m0vfef
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