London, UK -- (SBWIRE) -- 02/13/2015 -- Mobile phone accessories represent a moderate volume and high growth market due to changing lifestyles, technological innovations and the need for effective maintenance of costly instruments. The mobile phone market is dynamic in nature with frequent launches in new features, accessories and handsets, giving rise to the need for custom-made screen guards and protective covers. Due to high profit margins and an increasing demand for mobile phone accessories, many players in the mobile handset market are launching their own accessories. Companies like Samsung, Apple, LG, Sony and Nokia are offering accessories for their handsets as a combo pack to boost sales.

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The interchangeability and compatibility of accessories other than covers and screen guards provide customers with a wide range of products to select from.A large number of domestic, regional and small players provide low-end products such as screen guards and covers to the market. These products are often not standardized, causing high disruptions in the market. Innovations in portable power-protection devices, connection cables,and water-resistant, scratch-resistant, dust-proof and impact-resistant covers and screen guards are driving the growth of this market. Sound cancellation features, inherent bass and microphone input features are driving the growth in the earphone and headset segment. The mobile accessories market is expected to grow inline with sales of mobile handsets. Some of the underlying factors for growth include rising disposable income, changing lifestyles and rapid innovation in the consumer electronics segment.Growth of the mobile accessories market is also influenced by the evaluation of smartphones. On the other hand, various spurious products available in developing countries are impacting sale of core brands. Moreover, lack of standardization of accessories opens up the market for domestic manufacturers.

Market segmentation of mobile accessories is done on the basis of types and geography. Types include chargers, device protectors, headsets, USBs, memory cards and card readers among others. Geographical segmentation includes North America, Latin America, Asia Pacific, Japan, Western Europe, Eastern Europe and Middle East & Africa. North America is further sub-segmented into the U.S. and Canada. The Asia-Pacific region is a market leader in mobile accessories as well as mobile phones. China and India play a prominent role in this region, owing to high percentage of young population and their increasing disposable incomes.

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Trends and innovations in the mobile accessories market include creation of accessories for the purpose of fashion, storage, protection, increasing use of new materials and design which make these accessories more attractive and appealing to customers. These accessories provide comfort and convenience to customers owing to their compact size, and they can carry these accessories along with them wherever they want.

The mobile accessories market is expected to outpace the growth of the global smartphone market, with a double digit growth rate during the coming six years.Some of the market players include Philips, Panasonic, Samsung, LG, Apple, Inc., Nokia Corporation, iLuv Creative Technology, Plantronics, Inc., SanDisk Corporation and Motorola Mobility, Inc. Along with these popular brands, regional and local players are also increasing their market size by providing good quality products at a comparatively low price. The mobile accessories market is expected to show high growth rate and development, attracting new players into the market. This growth is directly related to the growth of mobile phone business, as both are interlinked.