The global market for mobile music accessories is expected to grow at a significant pace over the forecast period. One of the major factors driving this market growth is increasing number of technological innovations and advancements. The market has also witnessed partnerships between music accessories and mobile device manufacturers. However, rising number of imitation products is expected to pose a challenge to the market over the next seven years.
The mobile music accessories market has changed intensely over the recent past, since consumers have broadly adopted smartphones, and application download has become a popular trend. It is no longer a market for skins and cases rather smart devices supported by productive apps. With the growing use of mobile applications, new prospects lie for hardware accessories that complement the cell phones.
In the recent past, the market has witnessed growing trend of cell phone accessories that have improved smartphone abilities: Its audio and visual features have been upgraded to offer more advanced entertainment device, used mostly for music and games, which is excepted to impact the industry positively over the next seven years.
Presently, a key trend witnessed in the global industry is the growing partnerships with mobile phone manufacturers. With growth in demand for smartphones, the market has seen an increase in sales of mobile music accessories, and the trend is expected to continue over the next seven years. The partnership between mobile music accessories and smartphone manufacturer empowers vendors to provide accessories along with the mobile phones.
For instance, Micromax has recently tied up with JBL for music accessories for its Canvas series of mobile phones, while, HTC Corp. tied up with Beats by Dr. Dre for their internal music and music accessories. In the recent past, Nokia formed a joint venture with Sennheiser for its music express series of smartphones. This growing trend of partnering with mobile phone manufacturer swill propels the growth over the forecast period.
With the evolvement of several technologies such as SRS Wow effect, extra bass, and noise cancellation, the market is witnessing high demand for modern music accessories globally. One of the key challenges in the industry is the availability of counterfeit products. In recent past, several lookalike products have flooded the market, thus capturing market share of the leading market vendors. As an outcome, there has been an extreme decline in the sales of original music accessories which is expected to hamper industry growth over the forecast period.
Technological advancements have considerably shifted the music accessory category from being a chiefly home audio accessory to finest portable AV accessory. Technological improvements in wireless products such as infrared, Bluetooth, Wi-Fi, and SKAA have increased the demand for these devices and trend will continue over the forecast period.
Products equipped with microphones, coupled with those combined with fitness and exercise features are gradually being adopted by consumers globally. Advanced technical benefits and features such as calling and sharing files will contribute positively towards mobile music accessories market growth.
Bluetooth headset shipments have increased steadily, particularly those with stereo headphones, regardless of increased number of shipments of wired headsets. The maximum average sales price in mobile accessories is dominated by the earphones category since customers prefer investing mostly in headsets. In addition to advancement in technology, including increased smartphone production, features like noise cancellation and a large amount of music on the go in mobile devices has been playing a significant role in driving the demand for mobile music accessories.
Geographically the global market for mobile music accessory is segmented into North America, Asia Pacific, Middle East and Asia, Europe and Latin America. North America is anticipated to command maximum global market revenue and has been observing highest growth followed by Asia Pacific and Europe.
Asia-Pacific will account for more than 50.0 % of all mobile accessories shipments in 2022. Huge population base in Asia combined with competitive cost smartphones has augmented significant growth in mobile accessories in the region.
China holds numerous market potential for mobile accessories owing to its rapid growth of smartphone and tablet adoption, large existing and potential consumer base, growing the online retail market and increasing disposable income. Beside these factors, customers have been adopting smartphones as a fashion accessory will further propel sales of mobile music accessories market globally over the next seven years.
Key market players dominating the global market for mobile music accessories include Skullcandy Inc., Beats Electronics LLC, Sony Corp, Bose Corp., and Sennheiser Electronic GmbH & Co. KG, while other prominent players are JVC KENWOOD Corp., Parrot SA, JBL Co., Creative Technology Ltd., SOL REPUBLIC, Logitech International SA, and Panasonic Corp.
Market players have been investing heavily in R&D for the development of innovative systems to attain maximum product differentiation and increased global market presence in the market. The market is also undergoing continued emergence of new manufacturers offering products across all price categories. Existing manufacturers are increasingly concentrating on improving their network and distribution channel through several partnerships to cope with the rising competition from new vendors.
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