According to a recent report published by Allied Market Research, titled, “Asia-Pacific & Middle East Mobile Phone Accessories Market By Distribution Channel: Opportunity Analysis and Industry Forecast, 2020-2027”, the Asia-Pacific & Middle East mobile phone accessories market 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.
The Asia-Pacific & Middle East mobile phone accessories market is currently in its growth stage and is expected to register substantial growth in the near future, owing to the high investment in R&D activities by market players and increase in focus toward Internet of Things (IoT). Other factors that drive the market growth include increase in demand for wireless technologies and smart wearable devices.
Emerging technologies, such as artificial intelligence (AI) and quantum computing, used in mobile phone accessories promoted enhanced performance and assist in full commercialization. China has a rich heritage of microprocessor design, with companies involved in manufacturing of electronic products, and new start-up companies designing the mobile phone accessories, which creates lucrative opportunities for Asia-Pacific & Middle East mobile phone accessories market growth.
According to for Asia-Pacific & Middle East mobile phone accessories market forecast, China, India, Japan, and South Korea are some of the major countries, in terms of revenue generation, in the Asia-Pacific & Middle East mobile phone accessories market. In addition, rapid growth in the sales of consumer electronic products supplements the market growth.
At present, technologies such as 4G/LTE are used as the preferred means of connecting mobile devices to the Internet. High data rate enabled by the 4G technology helps devices such as smart speakers, fit bands, and smart watches to function seamlessly and thus gain popularity among the consumers. Moreover, fitness enthusiasts are increasingly shifting their interest toward smart watches and fitness bands as these devices can track numerous biological details and guide the user to live a healthy life.
Significant increase in usage of power banks has been witnessed in the Asia-Pacific region. This encouraged Xiaomi to introduce power banks along with its range of smartphones. In addition, China also manufactures low-priced high-end power banks. The major growth contributor for power banks in Asia-Pacific is the enormous sales of smartphones in China and India. The manufacturers of power banks focus on these regions in Asia-Pacific and accordingly innovate their product offerings that match the requirements of the customer.
Also, the presence of top industry players from Japan and China and their focus to develop low cost wireless products. For instance, Sony launched its wireless earphones, C-400 and WI-C300 at affordable prices with advanced audio technology. Thus, the innovation of mobile phone accessories and there launch at efficient prices is expected to drive the Asia-Pacific & Middle East mobile phone accessories market share.
There has been an increase in rate of adoption of smartphones in the recent years. India with its large population and growing digitalization offers a vast market for advanced mobile phone accessories. The manufactures such as Xiaomi, Oppo, and Samsung provide mobile phone accessories for low- and mid-price range.
Penetration of wireless technology, Li-Fi in the region provides exchange of data through light has raised the usage of smartphones among consumers. Further, the advancement of infrastructure and development of smart cities in the region that deploys Li-Fi through street lights is expected to raise the demand of smartphones and in turn increase the market of mobile phone accessories. In addition, cloud application in UAE and the Middle East is one of the prominent regions in terms of growth in smart cities, IoT solutions, smart homes, and public Wi-Fi hubs
According to Asia-Pacific & Middle East mobile phone accessories market trends, China accounts for 50% of worldwide semiconductor devices consumption. The outbreak of COVID-19 is having a major impact on both customers and companies. Electronics manufacturing hubs have been temporarily been shut down to limit the virus spread. This is affecting the global supply chain, which is further expected to impact the suppliers and manufacturers, globally. COVID-19 is highlighting potential risk and vulnerability of electronics industry and semiconductor value chain model.
The demand from the wireless communication segment 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 create lucrative opportunities for mobile phone accessories in the region.
Key Findings of the Study
- By distribution channel, the offline segment generated the highest revenue in the Asia-Pacific and Middle East mobile phone accessories market share in 2019.
- By country, the rest of Asia-Pacific generated the highest revenue in the Asia-Pacific and Middle East mobile phone accessories market share in 2019.
The key players operating in the Asia-Pacific and Middle East mobile phone accessories market 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 adopt several strategies such as new product launch & development, acquisition, partnership & collaboration, and business expansion to increase their Asia-Pacific and Middle East mobile phone accessories market share during the forecast period.