Middle East Electronics Accessories Market Revenue Increase US$ 1,014.0 Mn by 2025

Introduction

Consumer electronic products are witnessing increased adoption among consumers across the globe. This is majorly attributed to the increasing consumer awareness related to electronic products, globally. Rise in demand for products, such as smartphones, tablets and other connected devices, in turn is expected to drive demand for compatible accessories over the next five to six years.

Market Value and Volume Forecast

In terms of value, the Middle East electronics accessories market is anticipated to expand at a CAGR of 5.4% during the forecast period. In terms of volume, the Middle East electronics accessories market is expected to record a CAGR of 6.5% during the forecast period.

Market Dynamics

Growth of the Middle East electronics accessories market is mainly driven by proliferation of connected devices, rising disposable income, which is leading to change in consumer buying patterns, and growing Internet penetration, which in turn is resulting in rising consumer preference for online retail. However, lack of dominance of Chinese players, economic instability in certain Levant countries and lack of standardisation are some of the factors restraining the market growth in these regions.

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Rising number of affluent consumers and growing applications of automotive infotainment accessories are key opportunity areas for players operating in the Middle East electronics accessories market. Inequality in terms of per capita income in the Middle East poses both a challenge as well as opportunity for the electronic accessories manufacturers in the region. Meanwhile, rate of adoption of electronic accessories in the Middle East regions is low as compared to other regions. However, market for high-end electronic devices and accessories is gaining traction in countries such as UAE and KSA.

Segmentation by Price Range

The Middle East electronics accessories market is segmented on the basis of price range into premium, medium and low. Out of these segments, in terms of value, the premium segment has been estimated to account for over 60% share of the Middle East electronics accessories market by 2015 end, and is expected to remain the most dominant segment in the market during the forecast period. This is attributed to the increasing preference for premium priced products among consumers in the GCC region.

Key Countries

As the name suggests, the Middle East electronics accessories market has been segmented into GCC and Levant regions. The GCC region includes Kingdom of Saudi Arabia (KSA), United Arab Emirates, Oman, Qatar, Kuwait and Bahrain. The Levant region includes Cyprus, Egypt, Turkey, Israel, Jordan and Rest of Levant countries, which comprises Syria, Palestine and Iraq.

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In terms of market value, of all the countries, KSA market is expected to dominate the GCC electronics accessories market throughout the forecast period.

Key Players

Some of the key players identified in the Middle East electronics accessories market include Samsung Electronics Co. Ltd., Sony Corporation, Toshiba Corporation, Panasonic Corporation, Clarion Co., Ltd., Pioneer Corporation, LG Electronics Inc., Logitech international S.A., Astrum Holdings Limited and Intex Technologies India Ltd.

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This release was published on openPR.