DUBLIN, July 5, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Global Mobile Phone Accessories Market Size, Demand, Opportunity & Growth Outlook 2023" report to their offering.
Global mobile phone accessories market stood at USD 62,713.4 Million in 2016
The market growth is likely to be driven by the rise in adoption of smartphones all across the globe. In the year 2015, the number of smartphones shipped globally was around 1.43 billion, and this is expected to increase in the coming years. Further, in emerging economies such as India, China, Brazil, and Indonesia, the sales of smartphones have increased which has created the secondary demand for accessories that are usually not sold along with smartphones. This factor will lead to the increase in the growth of the market in the future.
The growth of the market is primarily driven by the rising disposable income and increasing adoption of the smartphones due to their affordability. Further, the rising urban population across the globe, characterized by urban upper class and high net worth individuals, has led to a strong demand for advanced mobile phone accessories such as premium headphones and power banks and premium battery cases. Moreover, rapid migration from rural to urban areas, particularly in countries such as China and Indonesia is expected to drive the market over the forecast period.
Further, technological advancement in the mobile phone accessories is the factor that is driving the growth of the market. Moreover, the online channels are also contributing towards the growth of the market as consumers prefer to shop mobile accessories from online stores rather than local stores as it offers ease of convenience to the customers along with various discounts. With the emergence of online stores, the consumers have been offered a diverse range of mobile phone accessories such as colorful protective cases, cartoon characters, and superheroes and famous celebrities' cases.
However, the growth of the market is hindered by the high demand for low-priced accessories. Lack of brand awareness and poor economic conditions in under-developed countries are hampering the growth of the market. The market growth of the mobile phone accessories is also hindered by the presence of intense competition from the local players which offers the competitive prices to the customers due to the low cost. Moreover, the availability of counterfeit mobile phone accessories in the global market and the lower adoption of smartphones in the rural areas are the major factors that are hindering the growth of the market. Pirated products are offered at a fraction of the price of that of original products, with more consumers opting for these products, especially in India and China. Additionally, rural smartphone users are not engaged in the purchase of mobile phone accessories which in turn, is dampening the growth of global mobile phone accessories market.
Key Topics Covered:
1. Executive Summary
2. Research Methodology
3. Risk Analysis
4. Global Mobile Phone Accessories Market Value (USD Million) Volume (Million Units) Forecast, 2015-2023
5. Market Dynamics & Its Impact Analysis
6. Global Mobile Phone Accessories Market Segmentation Analysis
7. Market Share of Major Players, By Product Type and By Price Range, 2016
For more information about this report visit https://www.researchandmarkets.com/research/t78nvc/global_mobile
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SOURCE Research and Markets