More people worldwide are upgrading to 5G-compatible smartphones for faster and better access to the Internet and mobile apps, leading to an overall increase in demand for mobile phones. This trend is driving growth in the mobile phone market, which is projected to expand at a CAGR of 6.8 percent through 2031 from its 2024 value of $450.31 billion, according to a report by Cognitive Market Research.
Similarly, the demand for mobile phone accessories is also surging. Research firm Skyquest forecasts the global mobile phone accessories market will experience a CAGR of 6.8 percent, rising from $95.16 billion in 2024 to $161.05 billion by 2032. Besides the rising sales figures for mobile phones, other accessories market drivers are the consumer trend for personalization, advancements in smart technologies, and the growing number of mobile gamers. Protective cases are expected to be the lead revenue-generating product segment within the forecast period, per Skyquest.
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