– Rise in demand for smart wireless accessories, consumer preferences for portable devices, and aggressive marketing through social networking sites propel the growth of the Asia-Pacific & Middle East mobile phone accessories market
PORTLAND, Ore., Sept. 24, 2020 /PRNewswire/ — Allied Market Research published a report, titled, “Asia-Pacific & Middle East Mobile Phone Accessories Market” By Distribution Channel (Online and Offline): Country Opportunity Analysis and Industry Forecast, 2020-2027″. According to the report published by Allied Market Research, the Asia-Pacific & Middle East mobile phone accessories market generated $117.8 billion in 2019, and is expected to reach $154.8 billion by 2027, witnessing a CAGR of 3.6% from 2020 to 2027.
Drivers, Restrains, and Opportunities
Rise in demand for smart wireless accessories, consumer preferences for portable devices, and aggressive marketing through social networking sites propel the growth of the Asia-Pacific & Middle East mobile phone accessories market. On the other hand, rise in penetration of counterfeit products and trade war between countries in the region limit the market growth. Nevertheless, the launch of innovative and trendy accessories such as batteries, chargers, protective cases, screen guards, headphones, and power banks is expected to provide lucrative opportunities in the market.
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Manufacturing services of mobile phone accessories have been interrupted due to lockdown and shortage of raw materials.
The investments, research & development, and e-commerce platforms were put on a hold.
However, as lockdown restrictions alleviated, manufacturing processes and e-commerce platforms have initiated their operations.
The Offline Segment to Dominate the Market Throughout 2027
Based on distribution channel, the offline segment held the highest market share in 2019, contributing to nearly three-fourths of the total share, and is estimated to maintain its leadership status during the forecast period. Growing trends towards retail chains drives the growth of the segment. However, the online segment is estimated to portray the largest CAGR of 5.6% from 2020 to 2027. This is attributed to the growing trends towards e-commerce portals.
Australia/New Zealand Held Lion’s Share
Based on country, Australia/New Zealand accounted for the largest share of the market, contributing to more than one-tenth of the total share in 2019, and will continue to dominate in terms of revenue during the forecast period. However, the Middle East region is projected to portray the fastest CAGR of 7.6% from 2020 to 2027. This is owing to the growth in adoption of foreign such as Apple, Panasonic and Sony.
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The Key Market Players
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SOURCE Allied Market Research