Phone accessories

European mobile phone accessories market to reach $47.18 billion by 2027 at a CAGR of 2.8%: Allied Market Research

Portland, OR, June 1, 2020 /PRNewswire/ — Allied Market Research released a report titled “Mobile phone accessories market in Europe by product type (battery, headphone, portable speaker, chargers, memory card, power bank, protective case, battery cases, screen protector, popsockets and others), distribution channel (online and off line) and price range (Low, Mid, and Premium): Opportunity Analysis and Industry Forecast, 2020-2027.” According to the report, the Europe the mobile phone accessories industry has been estimated to $36.67 billion in 2019, and should reach $47.18 billion by 2027, registering a CAGR of 2.8% from 2020 to 2027.

Drivers, constraints and opportunities –

Rising adoption of smartphones, increase in usage of smart mobile phone accessories, advancements in mobile devices and wireless connection, and development of gaming accessories are driving the growth of the Europe mobile phone accessories market. On the other hand, the high penetration of counterfeit products is hampering the growth to some extent. However, technological advancements in imaging and photographic accessories are expected to create multiple opportunities in the industry.

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COVID-19 scenario-

  • Newer and smarter accessories are currently trending in the European market; but the outbreak of the pandemic has led to severe disruptions in the supply chain which in turn has affected the market to a large extent.
  • Multi-brand stores allow consumers to easily compare mobile accessories in terms of appearance, functionality and price. However, the lockdown and multiple restrictions imposed by several government bodies in the region have prevented people from turning to multi-brand stores that offer products from multiple brands in one location. This factor again had a significant impact on the European mobile phone accessories market.

Earphone segment will retain lion’s share by 2027-

By product type, the headphone segment accounted for almost a quarter of the Europe revenue from the mobile phone accessories market in 2019 and is expected to reign the roost by the end of 2027. Penetration and further integration of IoT and AI in earphones is driving the growth of the segment. Simultaneously, the battery case segment would grow at the fastest CAGR of 7.6% during the study period.

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The offline segment to dominate over the estimated period-

Based on distribution channels, the offline segment contributed about three-quarters of the Europe mobile phone accessories market share in 2019 and is expected to lead by 2027. Attractive selling points and customer satisfaction influence offline distribution channels of mobile phone accessories market and this factor is fueling the growth of the segment. The online segment, on the other hand, would register the fastest CAGR of 4.3% throughout the forecast period, owing to the adoption of online distribution channels over the years.

Eastern Europe dominate in terms of income-

Based on geography, the Eastern Europe segment held the major share in 2019generating about a quarter of the Europe mobile phone accessories market. Rising usage of smart phones in the region is propelling the growth of the market. At a time, Germany would have the fastest CAGR of 4.7% through 2027.

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Industry Pioneers-

  • Sennheiser Electronic GmbH & Co. KG
  • Amazon Inc.
  • Sony Company
  • Samsung Electronics Co., Ltd.
  • Xiaomi Corporation
  • Apple Inc.
  • Bose Company
  • Panasonic Company
  • Carrefour S.A.
  • MediaMarkt
  • J SAINSBURY PLC

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