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Consumer electronics refers to any device containing an electronic circuit board that is intended for everyday use by individuals. The increasing disposable income of significantly large population in developing economies is a major driver for the global consumer electronics market.
Consumer electronic accessories are something that are added to consumer electronics that have a useful or decorative purpose. Hence, the market trend of electronic accessories is majorly dependent upon that of consumer electronics.
There are various types of consumer electronics available in the market which can be categorized into those used for entertainment, communications and home-office activities. Over the years due to change in technology the market of consumer electronics has substantially grown.
There is a huge demand for smartphone, smart TV, tablet, set-top box, laptop and game console. Additionally, wearable devices are gaining popularity due to many factors as it combines technology and health with more real-time applications.
Consumer Electronic Accessories Market: Drivers and Challenges
The most exciting developments in near future in consumer electronics is in the realms of virtual reality, entertainment, home automation, transportation and wearable devices. This will cause an upsurge in the consumer electronic accessories market too.
For example there is a huge demand for earphones and headphones over the last few years in countries such as China, India, South Korea, and Japan. Latin America is also expected to experience significant growth of earphones and headphones market driven by growing number of portable devices in the region.
This is due to external factors like technological advancements in Wi-Fi, Bluetooth, Infrared and internal factors like minimization of overall weight of headphone and noise cancellation features. Shifting consumer trends toward the adoption of headphones/earphones during working out is also giving a push to the growth of this market.
Moreover, companies are targeting youth by providing variants such as wireless speakers, wireless headphones, and microphones.
On the other hand, the increasing availability of low cost counterfeit products poses a significant challenge to the growth of earphones and headphones market in Asian countries such as China, India, Taiwan and Indonesia.
Consumer Electronic Accessories Market: Segmentation
Segmentation on the basis of product type:
- Audio & Video: Headphones, Remotes, Cables, Mounts, Antennas, Surge Protectors, Blank Media, Cases, Chargers, Adapters, Armbands and Belt Clips, Batteries, Transmitters, Docking Stations, Cleaners, Converters, Home Entertainment Furniture, Headsets
- Camera & Photo: Bags & Cases, Tripods & Monopods, Cables & Cords, Batteries & Chargers, Studio Lighting, Frames, Film, Filters, Flashes, Housings, Grips, Triggers, Caps, Cleaners, Stabilizers, Handles, Mounts, Stands, Straps, Adapters, Viewers, Light Boxes, Loupes, Light Meters, Rain Covers, Remote Controls, Sand Bags, Dummy/Simulated Surveillance Cameras, Viewfinders, Eyepieces, Scopes, Motor Drives
- Cell Phone: Cases & Covers, Chargers, Mounts, Headsets, Data Cables, Screen Protectors, Batteries, Replacement Parts
- Car Electronics: Cases, Cables, Mounts, Mounting Kits, Installation Harnesses, Chargers, Transmitters, Alarm Accessories, Amplifier Cooling Fans, Car Cigarette Lighter Accessories
- Computer: Batteries, Cases & Bags, Skins & Decals, Sleeves, Chargers, Cooling Pads, Docking Stations, Stands, Cables & Adapters, Screen Protectors, Screen Filters, Mounts, Security Cables & Locks, Styluses
- Office: Ink and Toner, Landline Phone Batteries & Cords, Scanner/Shredder/Printer/Copier Cables and Connectors, Calculator Accessories, Presentation Devices, Laser Pointers, Cash Register Trays & Bags, PDA Accessories
Segmentation on the basis of OEM’s & Distributed Market:
Products such as Earphones, Headset, Chargers, Remote have multiple manufacturers which range from OEM’s to local unorganized players. For products like TV remote, mobile chargers, mobile covers there are quite a few local manufacturers present in the market.
As consumer electronic accessories are an add-on to the consumer electronics, it is safe to say that the demand of consumer electronic accessories is majorly dependent upon sales of consumer electronic products. Based on current market scenario, North America has the largest market share in consumer electronics products, followed by Europe and Asia-Pacific.
The U.S. and China together dominate the global consumer electronic market with more than one-third market share. In the Asia-Pacific region, China will maintain its dominance and India is expected to have a drastic upsurge in the demand due to increasing consumer awareness and a flourishing industrial sector.
Hence, the demand for consumer electronic accessories will vary accordingly.
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