"Surge in Demand for Consumer Electronics directly influencing the Consumer Electronic Accessories Market Growth"

Consumer electronic accessories market expected to grow at a CAGR of 7.1% from 2018 to 2026 and reach US$ 59.5 Bn in 2026. There has been a significant surge in the demand for consumer electronics in recent years and the dynamics pertaining to it has changed drastically. Developing countries in regions such as Asia Pacific, Middle East & Africa and Latin America has contributed immensely towards this growth. The increasing demand for consumer electronics in these countries has positively influenced the consumer electronic accessories demand. The demand for consumer electronic accessories such as headphones, earphones, camera bags, tripod stands, selfie sticks, cables, remotes, chargers, etc. is increasing as a result of growing adoption of the parent products. One of the most prominent factor driving the overall consumer electronic accessories market is the continually growing sales of smartphones across the world. In 2016, the global smartphone shipment reached over 1.55 Bn with majority of the sales coming from India and China. Moreover, over the next few years, the smartphones market expected to attain a remarkable growth due to rise in online shopping. Significant reduction in selling prices of smartphones, increasing access of social networking, rising trend of online video streaming, is likely to propel the demand for smartphones that will positively influence the growth of the consumer electronic accessories market during the forecast period. By 2021, 40 percent of the world’s population projected to own a smartphone, a factor further supporting the consumer electronic accessories market growth. Increasing motor vehicle production is another prominent factor contributing to the growth of the market. This implies that the demand for related car electronic accessories is on the high. Moreover, growth in the number of office buildings in coming years also expected to contribute to the overall growth of the market and create positive demand for accessories such as cables & connectors and laser pointers among others. However, declining sales of digital cameras worldwide is one of the restraining factors influencing the consumer electronic accessories market growth negatively.

"Increasing Demand for Smartphones complimenting the Mobile Phone Accessories Segment Growth"

The mobile phone accessories segment expected to register the fastest growth during the forecast period. The growth can be attributed to the increasing demand for smart phones across the world. Countries such as China, India, Brazil, etc. have witnessed a significant increase in the demand for smartphones owing to various factors such as increasing disposable income, price of smartphones getting cheaper and growing inclination of people towards technology among others. According to a recent finding, the smartphone market in India grew at a healthy 14% annual growth in 2017 with a total shipment of 124 Mn units, thereby making the country the fastest growing smartphone market globally. Moreover, the fact that the smartphone market witnessed a continuous year-on-year growth since 2009 has further complimented the demand for mobile phone accessories.

Car electronics is another segment expected to witness a high CAGR growth during the forecast period. The demand for car electronic accessories such as amplifier cooling fans, chargers, cables, transmitters, car cigarette lighter accessories, etc., are expected to remain high in the coming years. One of the most prominent factors aiding the car electronic accessories demand growth is the fact that, globally the demand for motor vehicles has increased significantly in recent years.

"Economic Growth Supporting the Consumer Electronic Accessories Market Growth in Asia Pacific"

The global consumer electronic accessories market was dominated by Asia Pacific accounting for around 30% of the overall market value in 2017. The Asia Pacific market is followed by North America and Europe. China and the U.S. together stood as the two largest countries in terms of value. Factors such as high penetration of smart phones coupled with high sale of motor vehicles in the country has contributed towards the growth of the market. In the Asia-Pacific region, China will maintain its dominance during the forecast period. India is expected to register one of the fastest growth mainly owing to increasing demand for smartphones in the country. Indian smartphone market is expected to continue witnessing healthy growth in 2018, owing to increasing demand for budget phones. Moreover, another prominent factor aiding the consumer electronic accessories market growth can be attributed to the increasing number of office infrastructures in the region. Economic growth in the region is fueling the market for office space. In addition, as per a recent finding it has been found out that 45% of the companies in Asia Pacific are expected to expand their offices in the next two years.  This factor is expected to positively influence the demand for related office electronic accessories such as scanner/shredder/printer/copier cables and connectors, laser pointers, landline phone batteries & cords, etc.

"Product Innovation to Remain in the Centre Stage in Coming Years"

The consumer electronic accessories market is highly fragmented with the presence of a large number of local as well as global players. The local brands compete against the global brands mostly on the price front and are very popular in developing countries such as China, India, Brazil, etc. Product development is one of the most prominent strategies adopted by the consumer electronic accessory manufacturers. For instance, in June 2018, Bose launched a new headset called ‘noise-masking Sleepbuds’. The company claims the new product is a truly-wireless headset and is meant to be used while sleeping. The unique feature of the headset includes, play back of relaxing and soothing sounds which helps the listener to fall asleep quickly. It also masks out other unpleasant sounds, such as noise from machinery or vehicles or snoring. Similarly, in December 2017, Manfrotto, an Italian based tripod manufacturer, introduced the new 190go! M-series range of lightweight and compact tripods. Twist lock system is one of the key features of the new range and it facilitates quick setup.

Key players profiled in the report include Samsung Electronics Co., Ltd, Sony Corporation, Zebronics India Pvt. Ltd., Logitech International S.A., Portronics Digital Pvt. Ltd., Belkin International, Inc., Philips International B.V., Targus International LLC, Plantronics, Inc., Seiko Epson Corporation and Beats Electronics among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Consumer Electronic Accessories market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Consumer Electronic Accessories market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Consumer Electronic Accessories market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Consumer Electronic Accessories market?
• Which is the largest regional market for Consumer Electronic Accessories market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Consumer Electronic Accessories market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Consumer Electronic Accessories market worldwide?