| A06817 | Pages: 108 | Aug 2020 | 5205 Views | ||
| Author(s) : Divyanshi Tewari | Tables: 54 | Charts: 49 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Asia-pacific & Middle East Mobile Phone Accessories Market
Request Now !The Asia-Pacific & Middle East mobile phone accessories market size was valued at $117.8 billion in 2019, and is projected to reach $154.8 billion by 2027, registering a CAGR of 3.6% from 2020 to 2027. Mobile phones play a vital role in today’s day-to-day life. People make value addition to their mobile phones through different mobile accessories that improve the functionality as well as protect the phone from damage.
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Asia-Pacific population is increasingly connected to the digital information with growing adoption and usage of mobile phones. According to World Bank data, around 851 million people in China owned a mobile phone in 2019. Moreover, a bare minimum set of mobile phone accessories is as essential as mobile phone for a user to perform multiple routine tasks.
According to Asia-Pacific & Middle East mobile phone accessories market analysis, rise in demand for mobile phones in Asia-Pacific & Middle East due to its multi-functionality is a primary factor that drives the demand for mobile phone, which in turn is expected to fuel the growth of the Asia-Pacific & Middle East mobile phone accessories market share.
Furthermore, the market is anticipated to witness significant growth during the forecast period as various accessories such as batteries, protective cases, chargers, screen guard, headphone, and power bank are essential set of mobile accessories for users. In addition, the market players are focusing toward the development of products that are innovative, creative, and trendy for the upcoming and trending mobile phones, which is anticipated to provide lucrative opportunities for the market expansion.
According to Asia-Pacific & Middle East mobile phone accessories market trends, American brands are facing stiff competition from Asian brands such as Samsung, Sony, and LG. For example, virtual reality headset gear by Samsung is posing a tough competition to the U.S.-based Oculus Rift. In addition, number of other Asian brands such as BBK Electronics, Huawei, and Xiaomi have significantly penetrated the global market. This trend is majorly emerged due to developments in the e-commerce industry, which in turn has connected the global market; thereby, making affordable mobile phone accessories available at the doorstep.
Rise in demand for wireless accessories drives the Asia-Pacific & Middle East mobile phone accessories market growth. This increase in demand is due to the change in customer preferences to listen to music on portable devices, such as smartphones and tablets. Music is easily accessible through music streaming platforms, which include YouTube and SoundCloud. The demand for mobile phone accessories has increased due to an upsurge in disposable income and rise in the popularity of social networking sites in urban areas. In addition, increase in internet penetration also boosts the online retailing platform.
Factors such as rise in demand for smart wireless accessories, emerging advancements in gaming accessories, and technological advancements in OTGs and wireless attachments drive the Asia-Pacific & Middle East mobile phone accessories market growth. However, increase in penetration of counterfeit products and trade war between nations hamper the Asia-Pacific & Middle East mobile phone accessories market to a certain extent. Furthermore, strong distribution network and technological advancements in imaging and photographic accessories are expected to offer lucrative opportunities to the Asia-Pacific & Middle East mobile phone accessories market growth.
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The Asia-Pacific & Middle East mobile phone accessories market size is segmented on the basis of distribution channel, and country. Based on distribution channel, it is bifurcated into online and offline. The offline segment is further divided into retail, traditional stores, hypermarkets, and others. Based on country, the market is analyzed across Australia, Indonesia, Japan, South Korea, Malaysia, Philippines, Singapore, Taiwan/Hong Kong/Macao, Thailand, Vietnam, Middle East and rest of Asia-Pacific.
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The key players operating in the Asia-Pacific & Middle East mobile phone accessories industry are Panasonic Corporation, Sennheiser Electronic GmbH & Co. KG, Sony Corporation, Samsung Electronics Co. Ltd., Apple Inc., Bose Corporation, BYD Co. Ltd., Plantronics Inc., Energizer Holdings Inc., and JVC Kenwood Corporation. These key players have adopted various strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market penetration and strengthen their foothold in the industry.
The significant factors impacting the growth of the Asia-Pacific & Middle East mobile phone accessories market include demand for smart wireless accessories, emerging advancements in gaming accessories, and technological advancements in OTGs and wireless attachments. However, rise in penetration of counterfeit products and trade war between nations hampers the market to a certain extent. Furthermore, strong distribution network and technological advancements in imaging and photographic accessories are expected to offer lucrative Asia-Pacific & Middle East mobile phone accessories market opportunity.
Various features with the advancement of technology such as AI and IoT makes way for hyper connectivity and intelligence in the electronic devices. This has promoted the use of wireless mobile accessories such as smart wearable, smart speakers, wireless headsets & earphones, and others. Furthermore, the advancement in the sector of smart wireless mobile accessories results in the market growth of mobile accessories.
The market of mobile accessories offers users replicas of branded products. The counterfeit products do not provide standardized quality, warranty, or guaranty of its features offered. Mobile accessories manufactured and supplied by the unorganized market are not registered and so does not follow technical standards for usage of raw material and manufacturing techniques as well. The consumers shift toward unorganized market due to low cost with same brand tags on the replicas. Moreover, the lack of government regulations in Asia-Pacific results in the growth of the unorganized mobile phone accessories market.
The growing vertical of media and entertainment has brought advanced photographic and video graphic mobile phone accessories. The imaging accessories used in smartphones such as tripods, stabilizer stands, phone lenses, instant photo printer, and others. Further, penetration in the usage of social media applications such as Facebook, Instagram, and others has raised number of casual photographers which is expected to boost the market of photo and imaging mobile accessories.
The economic impact of coronavirus pandemic globally has been largely disruptive. The companies operating in semiconductor industry states that temporarily shut down of production sites will lead to decline in revenues for the financial year 2020-2021. The demand from the wireless communication is expected to increase due to factors such as increased broadband usage, higher demand for cloud services, and video streaming. In addition, in the medium to long term, COVID-19 is expected to further push up the need for digital transformation, technologies such as 5G, the IoT, AI, and intelligent edge computing for future optimization, which will have a positive impact on the adoption of mobile phones and its accessories.
Key Benefits For Stakeholders
Key Market Segments & Key Market Players
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The Asia-Pacific & Middle East mobile phone accessories market is highly competitive, owing to the strong presence of the existing vendors. Mobile phone accessories vendors, who have access to extensive technical and financial resources are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with increase in technological innovations, product extensions, and different strategies adopted by the key vendors.
At present, the mobile accessories market witnesses a steady growth. Increase in the sales of smartphones fuels the demand for mobile accessories. Furthermore, increase in the purchasing power and changes in lifestyles of the people are the key factors that boost the sales of mobile phone accessories in the developing economies such as India, Indonesia, Vietnam, and Middle East, among others.
The Asia-Pacific & Middle East mobile phone accessories manufacturing and sales ratio is high in China, Japan, India, and South Korea, which fuels the mobile phone accessories market growth. Companies such as Bose Corporation, Apple Inc., and Samsung Electronics are the prominent manufacturers of mobile phone accessories. Price range is the base of mobile phone accessories according to which accessories are categorized into premium, mid, and low. Also, online portals have become a convenient mode for buying accessories because of easy payment and refund policies.
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