Mobile phone plays an important and vital role in modern day to day life. Increasing demand for smartphones as they are the effective means of communication around the globe is expected to drive the market in the forecast period. The handheld device accessories market is set to witness steady growth during 2021-2031, with a CAGR of around 4.1% - 4.9%.
The increase in the demand for wireless accessories has led to the growth of the handheld device accessories market. This increase in demand is due to the change in customer preferences for listening to music on portable devices such as tablets and smartphones.
Music is easily accessible through music streaming platforms, which includes YouTube and SoundCloud. The rise in disposable income and the rise in popularity of social networking sites in urban areas has led to an increase in the demand for handheld device accessories. In addition, increase in internet penetration also boosts the online retailing platform.
Moreover, rapid advancement in technology, including bluetooth/NFC speakers, implementation of noise canceling technology, and built-in fan and light in selfie sticks are expected to provide lucrative growth opportunities in the near future.
However, the coronavirus pandemic has had a significant negative impact on sales due to the closure of the retail sector. Still, sales improved in the third quarter due to an increased focus on home experiences. During the mid-lockdown period, i.e. in May 2020, the market witnessed a sluggish growth pattern due to reduction in available products, which was a result of halted production during the lockdown period.
This effect was short-lived and companies are preparing to make a comeback with higher sales in the coming years.
With the advancement of technology, various features such as AI and IoT make way for hyper connectivity and intelligence in electronic devices. This has promoted the use of wireless handheld device accessories such as smart wearables, smart speakers, wireless headsets and earphones, and more.
Furthermore, advancements in the field of smart wireless handheld device accessories have resulted in the growth of the handheld device accessories industry. For example, the U.S. based company and world leader, Amazon launched series of Echo Show 5 display speaker with integration of AI called Alexa. Furthermore, the rising adoption of smart wearable health monitoring devices such as fitness bands, is fueling the growth of the handheld device accessories market.
High usage of various types of handheld accessories, innovation of various products at low rates, and presence of leading companies are the key factors of market growth in this region.
Changing lifestyle and increasing income are expected to drive the market in the forecast period. Moreover, increasing demand for smartphones in the region is driving the market for the accessories.
Europe is anticipated to hold a significant market share over the coming years. Major regional markets include the U.K, France, Germany, Italy, Spain and Poland.
The growing fitness awareness among the young population has increased the demand for sports and fitness headphones in recent times. The rise in the standalone travel trend has led to the rise in the popularity of cheap headphones among the affordable consumer group.
The changing attitude of the consumer group has also influenced the growth of the market. Women consumer groups prefer to change their phone covers frequently which, in turn, affects the overall market growth. On the other hand, the male consumer group prefers to replace other accessories like headphones and fast-chargers.
Moreover, rising internet penetration in urban as well as rural areas, fast and reliable delivery by various online portals, and replacement options are complementing the sales. Moreover, young working consumer groups with busy schedules prefer to shop online rather than offline due to easy accessibility and door-to-door service. These are the major factors driving the growth of the market over the stipulated time frame in the European market.
Some of the leading manufacturers of handheld device accessories market include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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