Consumer electronics are electronic devices intended for everyday use typically in private homes. Consumer electronics include laptops, smartphones, tablets, digital cameras, music players, etc. These devices are accompanied by certain accessories such as headphones, earphones, tripod stands, camera bags, remotes, chargers, selfie sticks, cables, etc. Consumer electronic accessories have been widely adopted since the consumer electronics industry has witnessed massive growth in the recent past.
The GCC and Levant electronics accessories market is estimated to be valued at US$ 821.4 million in 2021 and is expected to exhibit a CAGR of 5.5% over the forecast period (2021-2028).
Recent Developments:
Key players in the market are involved in product development, in order to gain a competitive edge in the market. Also, the players focused on product launches, in order to enhance the market place.
GCC held dominant position in the GCC and Levant electronics accessories market in 2020, accounting for 90.7% share in terms of value.
Figure 1. GCC and Levant Electronics Accessories Market Value (US$ Mn), by Country, 2020
Market Dynamics- Drivers
Rising proliferation of connected devices is expected to drive growth of the GCC and Levant electronics accessories market. GCC and Levant countries are witnessing technological advancements across the value chain. Development of new solutions for computing, social networking, and mobility is anticipated to support growth of the market in the region. This has led to consumer inclination towards connected mobile devices such as tablets and smartphones. With increasing proliferation of these devices, demand for accessories such as headphones, power banks, and others is expected to increase significantly over the next five to six years.
Rising disposable income leading to changing consumer buying patterns is expected to propel the GCC and Levant electronics accessories market growth over the forecast period. Increasing disposable income has significantly changed the buying patterns of consumers across the region. These consumers are more inclined towards online retail, especially from UAE, KSA, Kuwait, Bahrain, and Turkey. Furthermore, high growth of telecommunications infrastructure in the aforementioned countries is expected to propel the GCC and Levant electronics accessories market growth over the forecast period.
Market Opportunities
Rising number of wealthy consumers can present major business opportunities. Although inequality in terms of per capita income is a major challenge, affluent customers provide major growth opportunities for market players. While adoption rates for electronic accessories are low as compared to that in other regions, high-end electronic devices and accessories are gaining traction in the countries such as UAE and KSA. Factors such as increasing mobile-cellular telephone subscriptions, expanding ICT infrastructure, and rising internet penetration in certain GCC and Levant countries are anticipated to subsequently drive demand for electronic devices.
Growing use of automotive infotainment accessories can provide major growth opportunities. Factors such as increasing mobile and Internet penetration and growing emerging middle-class population in GCC countries are factors collectively fuel anticipated to boost growth of various sectors namely automotive, consumer electronics, and consumer products across the region. For instance, in the Middle East region, rising Internet penetration has led to expansion of mobile and online user base, which has resulted in advanced shopping options for products such as automotive infotainment accessories, computer peripherals, and mobile accessories.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2020 | Market Size in 2021: | US$ 821.4 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 5.5% | 2028 Value Projection: | US$ 1,193.5 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Intex Technologies, Samsung Electronics Co., Ltd., Astrum Holdings Limited, Sony Corporation, Logitech International S.A., Toshiba Corporation, LG Electronics Inc., Panasonic Corporation, Pioneer Corporation, and Clarion Co., Ltd. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Trends
There has been an increased focus by companies on innovative marketing strategies such as offering discounts through online purchases, free home delivery, and other benefits associated with purchase of electronics accessories in KSA. The main objective of this strategy is to build brand loyalty and maintain competitive edge in the market. Increasing internet penetration has led to an exponential shift of consumers from conventional retail to online retail, due to various features offered by the latter such as convenience, a wide range of products, and competitive pricing.
Increasing disposable income, growing tourism, and favorable demographics in UAE have led to rising demand for high-end products, especially consumer electronics. This, in turn, has led to the development of advanced products such as high-fidelity headphones, Bluetooth speakers and highly integrated dash stereos. In order to achieve economic diversification, the UAE government is focused on increasing investment for the development of non-oil sectors such as tourism and retail in the region. Increasing disposable income in the region has influenced various construction companies to set up malls and shopping centers in the country. This, in turn, has shifted company’s distribution network from conventional outlets to specialty outlets displaying various electronics accessories and thus, increased product visibility through retail outlets offering shopping convenience to consumers.
Figure 2. GCC and Levant Electronics Accessories Market Share, By Product Type, 2020
Key Takeaways of the Graph:
Market Dynamics- Restraints
Lack of standardization in terms of products is expected to restrain growth of the GCC and Levant electronics accessories market during the forecast period. The consumer electronic devices market in the region is highly unorganized, with lack of effective regulations regarding the standardization of these products. Undefined standards in the market lead to high product and price differentiation, which may hinder growth of the consumer electronics market to some extent.
Rising dominance of Chinese products is expected to hinder the GCC and Levant electronics accessories market growth over the forecast period. There has been increasing presence of Chinese products. These products are easily available and have a low cost. However, this is adversely affecting profit margins of local and global players in the region due to intense price wars.
Competitive Section
Key players involved in the GCC and Levant electronics accessories market are Intex Technologies, Samsung Electronics Co., Ltd., Astrum Holdings Limited, Sony Corporation, Logitech International S.A., Toshiba Corporation, LG Electronics Inc., Panasonic Corporation, Pioneer Corporation, and Clarion Co., Ltd.
There are also a number of electronic accessories designed for specific applications. The TFT Monitors are specifically made for a specific profession such as an airline pilot. These advanced monitors are used for flight control applications in the cockpit. Other accessories designed for specific applications include Laptop Carrying Bags which are designed to hold two laptops securely. It has a protective bag that allows the laptop to be protected from damage while traveling. Furthermore, there are various other accessories designed to enhance cell phone usage. One accessory that is not too common but provides value is the retractable cell phone holster. These holsters can be attached to the handle of a bag or belt to easily and securely carry a mobile phone. The advantage of these holsters is that they allow placing the phone in any type of pocket making it more convenient to use.
Market Dynamics
Growing urbanization and industrialization are expected to boost the GCC and Levant electronics accessories market growth over the forecast period. With increasing urbanization in many countries across GCC, the adoption of consumer electronics and their accessories has increased massively over the years. The demand for products such as headphones, earphones, camera bags, tripod bags, cables, selfie sticks, and many more have increased, thereby boosting growth of the market.
Furthermore increasing demand for car electronic accessories is expected to accelerate growth of the GCC and Levant electronics accessories market in the near future.
Key features of the study:
Detailed Segmentation:
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