GCC and Levant electronics accessories market is expected to surpass US$ 3,459.8 Mn in terms of value by the end of 2030. Consumer electronics are products of electronic devices used for day-to-day applications. These devices include computers, digital cameras, smart cameras, digital cameras, smartphones, etc. These consumer electronics are accompanied by various accessories such as a tripod, additional flash, earphones, headphones, chargers, screen guards, covers, etc.
GCC and Levant Electronics Accessories Market: Drivers
Growing internet penetration
Growing internet penetration leading to rising preference for online retail is expected to propel the GCC and Levant electronics accessories market growth over the forecast period. Increasing internet penetration in the region is increasing consumer inclination towards online retail, primarily in countries such as UAE, KSA, Kuwait, Bahrain, and Turkey. This trend is especially prevalent in relatively developed countries in the region such as Turkey, Israel, and UAE, coupled with robust telecommunications infrastructure in these countries
GCC and Levant Electronics Accessories Market: Opportunities
Advent of new devices
Advent of new devices with innovative features can provide major growth opportunities. Companies in Oman are focused on the development of innovative electronics accessories in order to cater to the ever-changing demands of tech-savvy consumers. Most companies offer a wide variety of premium to low-range products to cater to all types of consumers. In 2020, Panasonic Corporation introduced HGS10 Bone Conduction Headphones in GCC and Levant countries. This product offers better connectivity and is lightweight offering ease to the consumer.
GCC and Levant Electronics Accessories Market: Restraints
Economic instability
Economic instability in certain Levant countries is expected to hamper the GCC and Levant electronics accessories market growth over the forecast period. Political and economic instability in certain Levant countries has led to sluggish growth of consumer products, which has, in turn, led to reduced adoption of electronics accessories among consumers in the recent past. Furthermore, economic instability further restricts manufacturers from investing and thus, is a factor expected to hamper the overall economic structure of the region.
GCC and Levant Electronics Accessories Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic affected the GCC and Levant electronics accessories market, similar to every other industry and market. Following the outbreak in December 2019, many countries adopted stringent regulations on physical distancing, rendering manufacturing activities to halt. China being the largest manufacturer of consumer electronics experienced a major negative impact due to the COVID-19 pandemic with the government implementing strict rules on international travel and trade. On the contrary, the demand for electronic accessories such as headphones, wireless earphones, wireless chargers, and more increased due to the rising adoption of work-from-home policies and e-learning. However, the market is gradually recovering from the early decline with many countries relaxing their regulations.
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Key Takeaways:
The GCC and Levant electronics accessories market was valued at US$ 2,183 Mn in 2022 and is forecast to reach a value of US$ 3,459.8 Mn by 2030 at a CAGR of 5.9% between 2023 and 2030. This is owing to increasing consumer inclination towards mobile devices, primarily in countries such as UAE, KSA, Kuwait, Bahrain, and Turkey.
The End user segment was and is expected to witness a CAGR of 25% over the forecast period.
GCC and Levant Electronics Accessories Market Trends:
Increasing GDP per capita in Lebanon is fuelling domestic consumption of consumer products to a significant extent in the country. Furthermore, improving telecom infrastructure is enabling increasing awareness of consumer electronics and in turn driving the demand for electronics accessories in the country. Companies operating in the electronics accessories market in Lebanon are focused on new product development in order to gain consumer confidence in a particular brand. Improving Internet connectivity coupled with increasing smartphone usage in Lebanon is expected to drive the demand for electronic accessories such as headphones, speakers, and chargers in the near future. Moreover, penetration of connected devices in the country is anticipated to further fuel the demand for mobile phone accessories in the country.
A large number of players operating in the electronics accessories market in Jordan offer a range of mobile phone and computer accessories at competitive prices in order to gain a significant consumer base in the country. For instance, Samsung mobile brand is popular among consumers in Jordan due to benefits such as quality and uniquely designed accessories. Mobile phone penetration has witnessed a surge in Jordan at a significant rate in the recent past. This is further driving the demand for mobile phone accessories in the country.
GCC and Levant Electronics Accessories Market: Competitive Landscape
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.
GCC and Levant Electronics Accessories Market: Recent Developments
In September 2021, Catalyst launched a new fresh line of cases for protection for iPhone13. The company is also introducing two new colorways with this series such as the Influence case for the 13 Pro and 13 Pro Max with Glow-in-the-Dark, and the Vibe Case for the 13 Pro and 13 Pro Max with Battleship Gray.
In April 2023 Lg Launches New Broadcast, Virtual Production, Extended Reality Solutions At Nab Show LG Electronics USA Business Solutions division serves commercial display customers in the U.S. broadcast and virtual production, lodging and hospitality, digital signage, systems integration, healthcare, education, government and industrial markets
