GCC AND LEVANT ELECTRONICS ACCESSORIES MARKET ANALYSIS

Gcc And Levant Electronics Accessories MarketSize and Trends

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 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

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