The mobile phone accessories market of Africa is anticipated to grow from its 2016’s USD 2.3 Bn to more than USD 4 Bn by 2026, registering a CAGR of 5.8 percent as regards revenue during the forecast period. This expectation and figures following are callable from a new report from the stables of Future Market Insights, titled Mobile Phone Accessories Market: Africa Industry Analysis and Opportunity Assessment.
The research which tracked the market in terms of value and volume and calibrated to obtain market revenue estimates, says that the mid-priced segment is anticipated to swell at the highest CAGR of 6.2 percent in terms of value during the forecast period. In market share terms, the low-priced segment alone accounted for more than one-third of the revenue share of the general market in 2015. Per this, analysts are of the feeling that the said segment will dominate the mobile phone accessories market of Africa in the coming years.
Future Market Insights states that: “Increasing disposable income and rapid urbanization are factors anticipated to drive growth of the Africa mobile phone accessories market over the forecast period. Increased internet usage and smartphone penetration, along with a robust growth of m-commerce are further expected to push the demand for mobile phone accessories in Africa during the forecast period.”
Of course, these numbers cannot be achieved without the market having to hurdle past some tumbling stones. According to the report, the factors more poised to hamper the growth of the concerned industry include poor economic conditions and a largely segmented marketplace.
The report maintains that: “Poor economic conditions and an established market captured by Chinese vendors are some of the major challenges expected to be faced by market players in the Africa mobile phone accessories market during the forecast period. The overall Africa mobile phone accessories market is segmented on the basis of type, price, distribution channel, and region,”
“The online store segment is expected to expand at the highest CAGR of 7.2% in terms of value during the forecast period. In terms of market share, the multi-brand store segment alone accounted for more than one-third of the revenue share of the overall market in 2015 and is expected to dominate the Africa mobile phone accessories market between 2016 and 2026,” says Future Market Insights. The company also anticipates “a very promising scenario” for key players operating in this market over the next ten years.