According to a new market research report published by Credence Research “Consumer Electronic Accessories Market (Product Type – Camera & Photo Accessories, Audio & Video Accessories, Mobile Phone Accessories, Personal Computer Accessories, Car Electronics Accessories and Office Electronic Accessories; Sales Channel – Online and Offline) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global consumer electronic accessories market is estimated to reach US$ 59.5 Bn in 2026 growing at a CAGR of 7.1% during the forecast period from 2018 to 2026.
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The growth of consumer electronics in recent years has been phenomenal and this trend is likely to continue in the years to come. A consumer electronic accessory can be defined as any accessory that is used along with the consumer electronic and has a useful or decorative purpose. The demand for consumer electronic accessories is directly dependent upon consumer electronics as a result of which the market trend is majorly dependent on the parent market.
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One of the most prominent factors aiding the consumer electronic accessories market growth is the fact that the demand for consumer electronics has been increasing worldwide. For instance, in recent years, the demand for smartphones has been on the rise especially in countries such as India, China, and the U.S. among others. Sales of smartphones in the U.S. grew by 2% in 2017 over 2016 and reached 201.3 Mn units.
Similarly, India witnessed a growth of 14% in 2017 and a total shipment of 124 Mn units were reported in 2017. This growth in the demand for smartphones expected to positively influence the consumer electronic accessories market. In recent years, owing to rising disposable income and improving standard of living, in countries such as China, India, Brazil, etc. people are in a better position to invest in cars.
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This is evident from the fact that the motor vehicle production across all the aforementioned countries has witnessed a growth in 2017 over 2016. This factor expected to have a positive impact on the demand for car electronic accessories, thereby complimenting the overall consumer electronic accessories market growth.
However, declining sales of DSLR cameras across the world expected to offset market growth in the coming years. Camera accessories such as tripods & monopods, batteries & chargers and cables & connectors are some of the camera & photo accessories expected to witness a hit in demand in coming years.
Product innovation is one of the common strategies adopted by consumer electronics accessory manufacturers. This strategy helps in addressing the increasing competition in the market. For instance, recently Sony introduced the world’s first wireless splash-proof headphones with noise cancellation. The headphone also comes with an open charging case that extends the battery backup up to 9 hours. Similarly, Sachtler and Vinten introduced a new camera tripod technology that enables camera operators to set up and begin using the tripod in an instant.
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.