Portland, July 09, 2020 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the European market for mobile phone accessories generated $ 36.67 billion in 2019 and is estimated at reach $ 47.18 billion by 2027, the registration of a 2.8% CAGR from 2020 to 2027. The report offers in-depth analysis of changing market dynamics, key winning strategies, business performance, major segments and competitive scenario.
Increasing adoption of smartphones, increasing demand for smart mobile accessories, technological advancements in gaming accessories are driving the growth of the European mobile phone accessories market. However, the availability of counterfeit products is hampering the growth of the market. On the other hand, the increase in technological advancements in smartphone accessories creates new opportunities in the years to come.
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- During the coronavirus pandemic, the manufacturing and supply chain of cellphone accessories have been hit hard in the European region due to the lockdown. Research and development activities have been halted to some extent.
- Multi-brand physical stores were closed during the lockdown and revenues were drastically reduced.
The report offers a detailed segmentation of the European mobile phone accessories market on the basis of product type, distribution channel, price range and region.
On the basis of product type, the headphone segment contributed the largest share in 2019, accounting for almost a quarter of the total share, and is expected to maintain its dominant position during the forecast period. However, the battery box segment is expected to register the highest CAGR of 7.6% from 2020 to 2027.
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Based on distribution channels, the offline segment accounted for the largest share in 2019, holding nearly three-quarters of the total share, and is expected to retain the largest share throughout the forecast period. However, the online segment is estimated to represent the highest CAGR of 4.3% during the forecast period.
Depending on the region, Eastern Europe contributed the highest share, accounting for around a quarter of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Germany is expected to grow at the highest CAGR of 4.7% from 2020 to 2027.
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Major market players analyzed in the research include Panasonic Corporation, Sony Corporation, Sennheiser Electronic GmbH & Co. KG, Samsung Electronics Co., Ltd., Bose Corporation, Apple Inc., Amazon Inc., MediaMarkt, Carrefour SA, J SAINSBURY PLC, and Xiaomi Corporation.
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