Mobile Phone Power Accessories Market Size, Share & Trends Analysis Report By Component (Power Bank, Chargers), By Sales Channel (Online, Offline), By Region, And Segment Forecasts, 2023 - 2030

Mobile Phone Power Accessories Market Size & Trends

The global mobile phone power accessories market size was estimated at USD 35.92 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030. Factors such as the availability of a strong distribution network that includes online retailers and multi-brand stores of mobile phones and accessories to increase customer reach and gain a competitive advantage are expected to accelerate the growth of the market. Moreover, due to ease of access and doorstep service, young working consumer groups with hectic schedules prefer to buy online rather than offline. These are some of the key factors driving the growth of the market.

Smartphones have become an essential part of human lives. They are equipped with robust operating systems such as iOS, Android, and Symbian, which enable users to play games, access video calls, run multimedia players, and stay socially engaged via high-speed internet services. Mobile phone power accessories are gaining traction owing to these advances and various features of smartphones that result in high battery consumption. Moreover, the growing number of smartphone users, consistent government policies for solar chargers, and rising disposable income are driving the growth of the market.

Electronic devices such as cameras, mobile phones, tablets, laptops, and headgears, which tend to drain batteries faster, are expected to contribute to the demand for mobile power accessories soon. Mobile power accessories include wired or wireless battery charging devices, such as power banks, chargers, and power cables, which can be used to charge mobile devices at any time. These gadgets have gained popularity worldwide owing to the increased adoption of digital products. Furthermore, their distinguishing features, such as portability, durability, multiple sockets, low range cost, and fast charging, are fueling their demand among tech-savvy consumers.

Wireless phone chargers have the potential to be as effective as conventional chargers as they are the most recent advancements in the technology. Wireless phone chargers provide reliable, efficient, and safe power and charging for electrical devices. Moreover, wireless accessories eliminate the need to spend time and effort on untangling wires, allowing users to go about their daily activities without worrying about cables.

Furthermore, technological advancements such as AI and IoT allow for hyper-connectivity and intelligence in electronic devices. These advancements have also led to improvements in wireless chargers for electronic devices. For instance, in 2020, Apple introduced MagSafe, a novel ecosystem of smartphone accessories and wireless chargers. MagSafe is marketed as a dual charger that can charge both iPhones and Apple Watches. With major brands foraying into this market space, the market is expected to grow significantly over the coming years.

Component Insights

In terms of component, the power bank segment dominated the market with a revenue share of over 51.7% in 2022. With the advancement and growth in smartphone technologies, the power bank segment has been witnessing high growth. The excessive use of smartphones among users and network access over cell phones is a significant factor in reducing battery health rapidly. Subsequently, this has created a rise in the adoption of power banks globally. For instance, In July 2021, Xiaomi Corporation launched the MI Hypersonic power bank with 50W fast-charging technology, which also includes triple charging ports.

The technological developments in portable chargers are fueling the portable charger market globally. Solar energy-based portable chargers are an innovative product drawing consumers’ attention and fueling market growth. Various solar power bank includes Foxelli, Nekteck, and others. Moreover, communication and high-performance processing in IoT applications require a continuous and stable power source. Industrial facilities may now allow rapid and painless power transfer to IoT-enabled devices due to resonant wireless charging technology. The growing IoT market will fuel demand for wireless charging systems that allow simultaneous charging of many devices.

Sales Channel Insights

In terms of sales channel, the offline segment dominated the market in 2022 with the largest revenue share of 51.0%. The high share is attributed to the presence of a large number of unorganized dealers across the globe. The leading smartphone manufacturers are also poised to establish their franchised stores in developing countries to expand their channel reach and customer base. Furthermore, some mobile phone accessory companies experimented with pop-up stores and kiosks in shopping malls and high-traffic areas. These temporary retail spaces allowed brands to create a more immersive shopping experience and interact directly with customers. These factors are growing the segment demand in the market.

Online sales channels for the sale of mobile chargers and power banks in the market are witnessing prominent growth owing to the increasing digitalization globally. The segment is expected to grow with the fastest CAGR of 7.6% from 2023 to 2030. The market participants are also focusing on developing their online sales portals for listing their products enabling easy access to the customers where they can get detailed information about the products and at the same time can order the desired products.

Regional Insights

Asia Pacific dominated the market in 2022 with a revenue share of over 42.6%. The growth is attributable to one of the highest implementation rates of mobile phones in the region. Australia, China, Japan, South Korea, and India are the prominent countries that drive the demand for mobile phone power accessories. The growth is attributable to the expanding urban populations, rising disposable income of the population, and increasing penetration of smartphones and associated accessories in rural areas. Moreover, leading global players in the market are also focused on developing their online sales portals to comply with the rising prominence of e-commerce in the region. The key players are also investing in expanding their channel reach in the untapped markets of the regional developing countries.

Early adopters of digital technologies in the North America market, such as the U.S. and Canada, are the frontiers of mobile phone power accessories applications. The rapid adoption of smartphones, smart accessories, and wearables, coupled with the rising use of social networking, will continue to drive growth in this region. The increased use of the internet and more engaging online games are further fostering the North America market growth. Furthermore, the prevalence of large e-commerce platforms and advanced digital technologies in the region contributes to the hefty share of online sales channels in the region. The technology developments and consumer demand for additional features influence the power bank industry. Vendors of power accessories are incorporating new and more powerful capabilities while adopting new technologies to keep products simple and compact to stay competitive in the market.

Key Companies & Market Share Insights

The market is characterized by strong competition, with a few major worldwide competitors owning a significant market share. The major focus is developing new products and collaboration among the key players. In February 2022, OPPO, a subsidiary of BBK Electronics Corp. Ltd, launched 150W SUPERVOOC high-speed flash charging with a battery health engine (BHE) and 240W SUPERVOOC flash charge technology in their power accessories. 150W SUPERVOOC flash charging helps the battery maintain 80% original capacity after a long charge cycle and 240W SUPERVOOC flash charging charges a 4,500mAh battery in 9 minutes from 1% - 100%. Some prominent players in the global mobile phone power accessories market include:

• Anker Innovations Ltd.

• Apple Inc.

• Aukey

• BBK Electronics Corp. Ltd.

• Belkin International. Inc.

• Google LLC.

• Huawei Technology Co., Ltd.

• Samsung Electronics Co., Ltd.

• Xiaomi Corporation

• Ventev

• Griffin Technology Griffin Technology

Mobile Phone Power Accessories Market Report Scope

Global Mobile Phone Power Accessories Market Report Segmentation

This report forecasts revenue growth on global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global mobile phone power accessories market report based on component, sales channel, and region:

• Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Power Bank

  • Chargers

  • Power Cables

• Sales Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • South America

    • Brazil

  • Middle East and Africa