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Mideast electronics accessories market revenues to cross $1bn

DUBAI, August 17, 2016

The Middle East electronics accessories market revenue is projected to increase from $572 million in 2014 to $1 billion by 2025, driven by the rapid increase in the demand of electronic devices, said a report by Future Market Insights, a market research and consulting firm.

In terms of value, the Middle East electronics accessories market is projected to register a compound annual growth rate (CAGR) of 5.4 per cent during the forecast period due to various factors, said the report.

Besides, the Middle East electronics accessories market is projected to register a CAGR of 6.5 per cent in terms of volume during the forecast period. Players in Middle East are developing specific products such as headphones and earbuds and aesthetically designed electronic devices, it added.

Demand for earbuds and headphones that offer superior noise cancellation is expected to significantly rise among the increasing number of audiophiles in the regions in the near future.

The Middle East electronics accessories market is segmented on the basis of product type, end use, price range, distribution channel and region. On the basis of product type, the market has been segmented into mobile phone accessories, computer accessories and automotive infotainment accessories, it said.

In terms of value, the mobile phone accessories segment has been estimated to account for 62.7 per cent share of the Middle East electronics accessories market by 2015 end. Also, the automotive electronics segment in the region is witnessing a significant surge in its growth, and thereby is expected to record sustainable growth in the near future. High volume of car sales is, in turn, expected to further drive sales of automotive infotainment systems over the next five to six years in these regions, it added.

Growth of the Middle East electronics accessories market is mainly driven by proliferation of connected devices, increasing disposable income of consumers in urban areas in GCC and growing Internet penetration, which in turn is leading to the rising preference of consumers towards online retail in these regions. Increasing adoption of mobile devices amongst the youth in the GCC region is providing significant stimulus for growth of the electronic accessories market in the region.

This report covers trends driving each segment and offers analysis and insights on the potential of electronics accessories in all the countries covered under Middle East. In terms of revenue share contribution, GCC region has been estimated to dominate the electronics accessories market throughout the forecast period. This is primarily attributed to the large number of affluent consumers in the region, coupled with technological advancements, which in turn are leading towards increased demand for connected devices such as tablets and smartphones.

Additionally, In view of the increasing proliferation of these devices in Middle East market, demand for accessories such as headphones, power banks and others is expected to increase significantly over the next five to six years in these regions.

Key players in the Middle East electronics accessories market include Samsung Electronics, Sony Corporation, Toshiba Corporation, Panasonic Corporation, Clarion Co, Ltd, Pioneer Corporation, LG Electronics, Logitech international, Astrum Holdings Limited and Intex Technologies India Ltd, it stated.

A large number of players operating in the electronics accessories market are focused on entering into collaborations and partnerships with local distributors and retailers in order to enhance their market presence in the Middle East countries. Moreover, such collaborations and partnerships also enable the companies to increase their product visibility across the regions, it added. – TradeArabia News Service
 




Tags: | Middle East | Electronics | Accessories |

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