Consumer Electronic Accessories Market is expected to rise at a CAGR of 7.3% by 2025
Persistence Market Research (PMR) has published a new research report titled “Consumer Electronic Accessories Market: Global Industry Analysis (2012-2016) and Forecast (2017-2025).” The report states that the with the rise in the adoption of consumer electronics such as smartphones, tablets, television, cameras, music systems, refrigerators, washing machines, and several others, the need for consumer electronic accessories has also increased. Consumer electronic accessories are a must need as they support the functioning and mobility of the devices. For instance, accessories such as tripods, cables, chargers, studio lighting frames, bags, remotes, and others helps a photographer to use and carry the camera in an easy and hassle free manner. The demand for these products that improvise and enhance the working of any consumer electronic, is known as a consumer electronic accessory.
The tilt of consumers towards luxurious accessories for their devices is also another trend that is expected to have a positive influence on the market and lead to the evolution of much advanced and expensive consumer electronic accessories in the long run. For example, earlier, earphones or headphone were accessories used only for listening purpose. Now, with technology becoming ubiquitous and gadgets becoming multipurpose, earphones and headphones have now rose to be luxurious and high-end accessories with companies such as Bose, Samsung, Sennheiser, Sony, and other tech giants working on catering to the changing needs of their consumers.
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As a result of these situations, the global consumer electronics accessories market is expected to rise at a CAGR of 7.3% over the course of the forecast period. The market is projected to rise to a valuation of around US$570,239 Mn by the end of the forecast period.
Rapid Increase in Online Stores to Boost Sales of Consumer Electronic Accessories
The increasing number of online stores across the globe will offer a new platform for consumer electronics accessories vendors to approach their potential customers. With the increasing demand for electronics accessories, the vendors in the market are providing their accessories online and have thus enhanced and expanded their distribution channel. With the evolution of technology and digitalization, consumers are now inclined towards online shopping and secured transactions. This advancement will henceforth provide huge opportunities to the vendors in the near future. Moreover, the growing use of smartphones has created a high demand for selfie accessories. In the present era, almost everyone uses a smartphone and with the advancement in technology, numerous consumers who are mainly fond of music use earphones and headphones and other devices which are wired or wireless. Due to the advancement in audio devices, the demand for mobile phone and audio accessories is also increasing. This advancement in audio technology is further expected to create opportunities for the consumer electronics accessories market in the near future.
Asia Pacific to Emerge Market Leader with High Adoption Rate
Surpassing all the regions, Asia Pacific emerged as the undefeated leader in the global market for consumer electronic accessories in 2017 with a share of 35.8% in the global market in the same year. It has been further projected that the region will maintain its reign by the end of the forecast period and also rise efficiently on the backdrop of numerous factors. Some of the factors that can be credited with the growth of the region are the rise in the disposable income of the consumers in the region and high usage of car accessories and smartphone accessories in the region. This trend is expected to gain traction in the forthcoming years.
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Development of High-end Products to be Core Focus of Market Players
The consumer electronics accessories market is highly fragmented with numerous players inhabiting the market landscape. The players’ core focus is to cater to the needs of their customers and maintain their loyal customer base by developing advanced products with high-end features. Some of the leading players in the market are Zebronics India Pvt. Ltd., Samsung Electronics Co., Ltd., Logitech International S.A., Sony Corporation, Belkin International, Inc., Philips International B.V., and Incipio Group, among many others.c