Portland, July 09 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the European mobile phone accessories market generated $36.67 billion in 2019 and is expected to reach $47.18 billion by 2027, the recording of a 2.8% CAGR from 2020 to 2027. The report offers an in-depth analysis of changing market dynamics, key winning strategies, business performance, major segments and competitive scenario.
Rising adoption of smartphones, rising demand for smart mobile accessories, technological advancements in gaming accessories are driving the growth of the European mobile phone accessories market. However, the availability of counterfeit products is hampering the growth of the market. On the other hand, the increase in technological advancements in smartphone accessories is creating new opportunities in the coming years.
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- During the coronavirus pandemic, the manufacturing and supply chain of mobile phone accessories has been severely affected in the European region due to the lockdown. Research and development activities have been halted to some extent.
- Multi-brand brick-and-mortar stores were closed during the lockdown and revenues were significantly reduced.
The report offers detailed segmentation of the European Mobile Phone Accessories market based on product type, distribution channel, price range, and region.
Based on product type, headphone segment contributed the largest share in 2019, accounting for nearly a quarter of the total share, and is expected to maintain its dominant position over the forecast period. However, the battery case segment is expected to register the highest CAGR of 7.6% from 2020 to 2027.
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Based on distribution channels, the offline segment accounted for the largest share in 2019, holding almost three quarters of the total share, and is expected to maintain the largest share throughout the forecast period. However, the online segment is estimated to exhibit the highest CAGR of 4.3% during the forecast period.
Based on the region, Eastern Europe contributed the highest share, accounting for around a quarter of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Germany is expected to grow at the highest CAGR of 4.7% from 2020 to 2027.
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Major market players analyzed in the research include Panasonic Corporation, Sony Corporation, Sennheiser Electronic GmbH & Co. KG, Samsung Electronics Co., Ltd., Bose Corporation, Apple Inc., Amazon Inc., MediaMarkt, Carrefour SA, J SAINSBURY PLC, and Xiaomi Corporation.
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