PORTLAND, Ore., September 24, 2020 / PRNewswire / – Allied Market Research published a report titled, “Asia Pacific and the mobile phone accessories market in the Middle East â By Distribution Channel (Online & 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, witness a 3.6% CAGR from 2020 to 2027.
Drivers, constraints and opportunities
Rising demand for smart wireless accessories, consumer preferences for wearable devices, and aggressive marketing through social media sites are propelling the growth of the Asia Pacific & Middle East mobile phone accessories market. On the other hand, increasing penetration of counterfeit products and trade war between countries in the region are limiting market growth. Nevertheless, the launch of innovative and fashionable accessories such as batteries, chargers, protective cases, screen protectors, headphones and power banks are expected to provide lucrative opportunities in the market.
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- Manufacturing services for mobile phone accessories have been halted due to containment and shortage of raw materials.
- Investments, research and development and e-commerce platforms have been suspended.
- However, as foreclosure restrictions eased, manufacturing processes and e-commerce platforms started to operate.
The offline segment to dominate the market throughout 2027
Based on the distribution channel, the offline segment held the highest market share in 2019, contributing nearly three quarters of the total share, and is expected to maintain its leading status during the forecast period. Growing trends towards retail chains are driving the growth of the segment. However, the online segment is estimated to represent the largest CAGR of 5.6% from 2020 to 2027. This is attributed to the growing trends towards e-commerce portals.
Australia/ New Zealand holds the lion’s share
Depending on the country, Australia/New Zealand accounted for the largest share of the market, contributing more than a tenth of the total share in 2019, and will continue to dominate in terms of revenue during the forecast period. However, the Middle East The region is expected to have the fastest CAGR of 7.6% from 2020 to 2027. This is due to the growth in adoption from foreigners such as Apple, Panasonic and Sony.
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The main market players
- Panasonic Corporation
- Sony Corporation
- Sennheiser Electronic GmbH & Co. KG
- Apple Inc.
- Samsung Electronics Co. Ltd.
- BYD Co. Ltd.
- Bose Company
- Energizer Holdings Inc.
- Plantronics Inc.
- JVC Kenwood Corporation
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.
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