European Mobile Phone Accessories Market to Reach $47.18 Bn, by 2027, at 2.8% CAGR: Allied Market Research

PORTLAND, Oregon, June 1, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Europe Mobile Phone Accessories Market by Product Type (Battery, Headphones, Portable Speaker, Chargers, Memory Card, Power Bank, Protective Case, Battery Cases, Screen Guard, Popsockets, and Others),Distribution Channel (Online and Offline), and Price Range (Low, Mid, and Premium):Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the Europe mobile phone accessories industry was estimated at $36.67 billion in 2019, and is expected to hit $47.18 billion by 2027, registering a CAGR of 2.8% from 2020 to 2027.

Drivers, restraints, and opportunities-

Rise in adoption of smartphones, increase in use of smart mobile phone accessories, advancements in on-the-go devices and wireless attachment, and development of gaming accessories drive the growth of the Europe mobile phone accessories market. On the other hand, surge in penetration of counterfeit products impedes 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 the European
        market; but the outbreak of the pandemic has brought along severe
        disruptions in the supply chain which, in turn, has affected the market
        to a significant extent.
    --  Multi-brand stores make it convenient for consumers to compare mobile
        accessories in terms of appearance, features and pricing. However, the
        lockdown and multiple restrictions imposed by several government bodies
        in the region have stopped people from inclining toward multi-brand
        stores that offer products from multiple brands at one place. This
        factor has again impacted the European mobile phone accessories market

The headphones segment to maintain the lion's share by 2027-

Based on product type, the headphones segment accounted for nearly one-fourth of the Europe mobile phone accessories market revenue in 2019, and is expected to rule the roost by the end of 2027. Penetration and subsequent integration IoT and AI in headphones drive the growth of the segment. Simultaneously, the battery cases segment would grow at the fastest CAGR of 7.6% during the study period.

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The offline segment to dominate during the estimated period-

Based on distribution channels, the offline segment contributed to around three-fourths of the Europe mobile phone accessories market share in 2019, and is projected to lead the trail by 2027. Attractive outlets and customer satisfaction influences the offline distribution channels for mobile phone accessories market and this factor fuels the segment growth. The online segment, on the other hand, would register the fastest CAGR of 4.3% throughout the forecast period, owing to adoption of online distribution channels over the years.

Eastern Europe to dominate in terms of revenue-

Based on geography, the Eastern Europe segment held the major share in 2019, generating around one-fourth of the Europe mobile phone accessories market. Increase in usage of smart phone devices in the region propels the market growth. At the same time, Germany would portray the fastest CAGR of 4.7% till 2027.

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Frontrunners in the industry-

    --  Sennheiser Electronic GmbH & Co. KG
    --  Amazon Inc.
    --  Sony Corporation
    --  Samsung Electronics Co., Ltd.
    --  Xiaomi Corporation
    --  Apple Inc.
    --  Bose Corporation
    --  Panasonic Corporation
    --  Carrefour S.A.
    --  MediaMarkt

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