Global mobile phone power accessories market is anticipated to grow at a CAGR of 5.7% during the forecast period (2024-2031). The market growth is driven by the increase in the adoption of smartphones, continual improvement of smartphone technology, availability of affordable and accessible smartphones, and the advantages of smartphones in the modern world. Additionally, the proliferation of cost-effective data plans, and the expansion of mobile internet infrastructure, increase the use of mobile phones, boosting the mobile phone power accessories market.
The global mobile phone power accessories market is segmented by component (power bank, chargers, and power cables) by sales channel (online and offline), and by geographies (North America, Europe, Asia-Pacific, and the Rest of the World).
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Market Dynamics
- The chargers segment is expected to hold the largest market share, owing to the growing smartphone and internet penetration. As smartphones become essential tools for communication, work, entertainment, and more, the need for reliable and efficient charging solutions becomes necessary.
- The online segment held a significant share of the market, attributed to its convenience, extensive product selection, competitive pricing, ease of comparison, global accessibility, and effective promotional strategies.
- North America leads the global market, owing to the high smartphone adoption, and strong consumer base in the region. Additionally, the strong retail networks in the region make the accessories more accessible propelling the market. Furthermore, tech-savvy consumers, urban lifestyles, sustainability trends, and effective marketing strategies make North America the fastest-growing hub for mobile phone power accessories.
- Asia-Pacific holds a significant share, attributed to the large smartphone-using population, rapid urbanization, and technological advancements in the region. Additionally, Asia-Pacific serves as a manufacturing hub for many leading accessory brands, and the booming e-commerce sector provides easy access to a wide range of products, contributing to the growth of the regional market.
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The major players in the global mobile phone power accessories market include Apple Inc., Google LLC., Xiaomi, Sony Corp., Samsung Electronics, Co., Ltd., Huawei, and others. The market players are contributing significantly to the market growth, by the adoption of various business strategies, such as collaborations, mergers and acquisitions, product portfolio diversification, and more.
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