GCC AND LEVANT ELECTRONICS ACCESSORIES MARKET ANALYSIS

The GCC and Levant electronics accessories market is estimated to be valued at US$ 2,183 million in 2022 and is expected to exhibit a CAGR of 5.9% over the forecast period (2023-2030). Consumer electronics are electronic devices intended for everyday use typically in private homes. Consumer electronics include laptops, smartphones, tablets, digital cameras, music players, etc. These devices are accompanied by certain accessories such as headphones, earphones, tripod stands, camera bags, remotes, chargers, selfie sticks, cables, etc. Consumer electronic accessories have been widely adopted since the consumer electronics industry has witnessed massive growth in the recent past.

GCC and Levant Electronics Accessories Market: Regional Insights

GCC (Gulf Cooperation Council) is a political and economic alliance consisting of six countries in the Middle East: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC was established in 1981 to promote economic cooperation and integration among its member states.

Levant Electronics Accessories, on the other hand, is a company that specializes in the production and distribution of electronic accessories such as chargers, cables, and adapters. The Levant region refers to the Eastern Mediterranean area, including countries such as Syria, Lebanon, Jordan, Palestine, and Israel While Levant Electronics Accessories may not have a direct presence in the GCC region, they may distribute their products to retailers or wholesalers who serve customers in the GCC countries. As for the GCC region, it is known for its significant oil and gas reserves, which have led to the development of a strong energy-based economy. In recent years, the GCC countries have also been working towards diversifying their economies, with a focus on sectors such as tourism, manufacturing, and technology.

Figure 1. GCC and Levant Electronics Accessories Market Value (US$ Mn), by Country, 2020

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GCC and Levant Electronics Accessories Market Drivers :

Rising proliferation

Rising proliferation of connected devices is expected to drive the growth of the GCC and Levant electronics accessories market. GCC and Levant countries are witnessing technological advancements across the value chain. The development of new solutions for computing, social networking, and mobility is anticipated to support the growth of the market in the region. This has led to consumer inclination towards connected mobile devices such as tablets and smartphones. With the increasing proliferation of these devices, demand for accessories such as headphones, power banks, and others is expected to increase significantly over the next five to six years.

Rising disposable income

Rising disposable income leading to changing consumer buying patterns is expected to propel the GCC and Levant electronics accessories market growth over the forecast period. Increasing disposable income has significantly changed the buying patterns of consumers across the region. These consumers are more inclined toward online retail, especially from UAE, KSA, Kuwait, Bahrain, and Turkey. Furthermore, the high growth of telecommunications infrastructure in the aforementioned countries is expected to propel the GCC and Levant electronics accessories market growth over the forecast period.

GCC and Levant Electronics Accessories Market Opportunities:

Rising number of wealthy consumers

Rising number of wealthy consumers can present major business opportunities. Although inequality in terms of per capita income is a major challenge, affluent customers provide major growth opportunities for market players. While adoption rates for electronic accessories are low as compared to that in other regions, high-end electronic devices and accessories are gaining traction in the countries such as UAE and KSA. Factors such as increasing mobile-cellular telephone subscriptions, expanding ICT infrastructure, and rising internet penetration in certain GCC and Levant countries are anticipated to subsequently drive demand for electronic devices.

Growing use of automotive infotainment accessories

Growing use of automotive infotainment accessories can provide major growth opportunities. Factors such as increasing mobile and Internet penetration and the growing emerging middle-class population in GCC countries These factors combine to drive the growth of various sectors such as automobiles, consumer electronics and consumer goods across the region.For instance, in the Middle East region, rising Internet penetration has led to an expansion of mobile and online user base, which has resulted in advanced shopping options for products such as automotive infotainment accessories, computer peripherals, and mobile accessories.

GCC and Levant Electronics Accessories Market Trends:

Increased focus by companies

There has been an increased focus by companies on innovative marketing strategies such as offering discounts through online purchases, free home delivery, and other benefits associated with the purchase of electronics accessories in KSA. The main objective of this strategy is to build brand loyalty and maintain a competitive edge in the market. Increasing internet penetration has led to an exponential shift of consumers from conventional retail to online retail, due to various features offered by the latter such as convenience, a wide range of products, and competitive pricing.

Increasing disposable income, growing tourism, and favorable demographics in UAE have led to rising demand for high-end products, especially consumer electronics. This, in turn, has led to the development of advanced products such as high-fidelity headphones, Bluetooth speakers, and highly integrated dash stereos. In order to achieve economic diversification, the UAE government is focused on increasing investment for the development of non-oil sectors such as tourism and retail in the region. Increasing disposable income in the region has influenced various construction companies to set up malls and shopping centers in the country. This, in turn, has shifted the company’s distribution network from conventional outlets to specialty outlets displaying various electronics accessories and thus, increased product visibility through retail outlets offering shopping convenience to consumers

GCC and Levant Electronics Accessories Market Restraints:

Lack of standardization

Lack of standardization in terms of products is expected to restrain the growth of the GCC and Levant electronics accessories market during the forecast period. The consumer electronic devices market in the region is highly unorganized, with a lack of effective regulations regarding the standardization of these products. Undefined standards in the market lead to high product and price differentiation, which may hinder the growth of the consumer electronics market to some extent.

Rising dominance of Chinese products is expected to hinder the GCC and Levant electronics accessories market growth over the forecast period. There has been an increasing presence of Chinese products. These products are easily available and have a low cost. However, this is adversely affecting the profit margins of local and global players in the region due to intense price wars.

GCC and Levant Electronics Accessories Market Segmentation:

The global narcotics scanner market report is segmented into product type, distribution channel, price range, and end-user

Based on product type, the market is segmented into Mobile Phone accessories, Computer accessories, and automotive infotainment accessories. Out of which, Mobile Phone accessories is expected to dominate the global market over the forecast period and this is attributed to the increasing innovations of new solutions, and the rising dominance of Chinese products is expected to hinder the GCC and Levant electronics accessories market growth over the forecast period. There has been an increasing presence of Chinese products

Figure 2: GCC and Levant Electronics Accessories Market Share (%),  By Product Type, 2022

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The Mobile Phone Accessories held a dominant position in the market and accounted for a 31.5% share in the GCC and Levant electronics accessories market in 2020. The segment is expected to reach US$ 735.6 million in 2030, owing to the increasing consumer inclination towards connected mobile devices such as tablets and smartphones.

In 2020, the residential accounted for the largest share of 6% in the GCC and Levant electronics accessories market and is expected to be valued at US$ 3459.81 million by 2030. This is owing to increasing residential consumer attraction toward technology and luxurious products

GCC and Levant Electronics Accessories Market: Key Developments

In 2021, Samsung Electronics Co. launched the Galaxy S21 series smartphones, Galaxy Tab S7 tablets, Galaxy Watch 4 smartwatches, and Galaxy Buds Pro wireless earbuds, among others. They also unveiled new TV models, home appliances, and other consumer electronics.

In June 2021, Panasonic Corporation announced a new partnership with the Japanese healthcare company SRL to develop a new diagnostic system for detecting cancer and other diseases. Panasonic Corporation is a worldwide leader in the development of diverse electronics technologies and solutions for customers in the consumer electronics, housing, automotive, and B2B businesses.

 In November 2020, Sony has been well-received for its improved graphics, faster load times, and new features like haptic feedback and adaptive triggers.   

GCC and Levant Electronics Accessories Market: Key Companies Insights

The GCC and Levant electronics accessories market is highly competitive. This is attributed to the continuous launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on a regional as well as GCC basis.

Key players involved in the GCC and Levant electronics accessories market are Intex Technologies, Samsung Electronics Co., Ltd., Astrum Holdings Limited, Sony Corporation, Logitech International S.A., Toshiba Corporation, LG Electronics Inc., Panasonic Corporation, Pioneer Corporation, and Clarion Co., Ltd.

*Definition: Devices that support other devices. Smartphone accessories include cases, chargers, and cables. Computer accessories include laptop cases, cables, screen cleaners, USB flash drives, etc., but USB flash drives are also counted as peripherals.