Global mobile phone accessories market to hit $255b by 2023: study

SAN FRANCISCO - Global mobile phone accessories market is projected to grow at a compound annual growth rate of 2.3 percent to reach about $255 billion by 2023, a market research firm said Tuesday.

The market consulting firm Allied Market Research (AMR) described in its newly-released report the growth model of the worldwide market of mobile phone accessories by product type, distribution channel and price range for the next eight years spanning from 2017 to 2025.

The global mobile phone accessories market was valued at about $217 billion in 2016, which was dominated by the headphones type segment in terms of revenue, said the AMR, based in Portland, the US state of Oregon on the west coast.

The headphones segment grabbed the highest share in 2016 with $60.7 billion, which will grow at a rate of 2.5 percent from 2017 to 2025, said the report.

Asia-Pacific was the highest revenue contributor to the global mobile phone accessories market in 2016, accounting for about 46.50 percent, due to the rapid technological advancements and increase in the adoption of smartphones.

The report said the future cell phone accessories market will be dominated by some major players such as Japan's Panasonic Corporation and Sony Corporation, the US Apple Inc, German audio giants Sennheiser Electronic GmbH & Co, and Bose Corporation, as well as China's BYD Co Ltd and South Korea's Samsung Electronics Co Ltd.