During the forecast period, the Laptop Accessories Market is likely to hold the global market at a moderate CAGR of 6.7%. The global market holds a forecasted revenue of US$ 39.6 Billion in 2022 and is likely to cross US$ 75.7 Billion by the end of 2032.
- Sales of consumer electronics are experiencing rapid growth due to an increase in customers, leading to a surge in demand for accompanying accessories.
- The expanding popularity of laptops in the consumer electronics sector is positively impacting the growth of the laptop accessories market.
- The relatively short lifespan of laptop accessories, typically needing replacement every three to five years on average, contributes to their volume growth.
- The continuous development of new laptop accessories encourages users to upgrade, thereby significantly accelerating the expansion of the market.
- As consumer preferences and technological advancements evolve, the demand for innovative and advanced laptop accessories is expected to further drive market growth.
- The growing reliance on laptops for work, education, and entertainment purposes is fueling the demand for various accessories such as chargers, cases, and docking stations.
- Manufacturers and retailers are capitalizing on the growing market by offering a wide range of laptop accessories tailored to meet the diverse needs and preferences of consumers.
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Moreover, short life period of the laptop accessories supports their growth in terms of volume as customers need to buy laptop accessories in an average time period of 3-5 years. On other hand innovation pertaining to laptop accessories are encouraging the customers to purchase the new product which in turn significantly boosts the growth of the market.
Commercial segment including corporate offices, manufacturing industries, and others is expected to hold a significant share in the global laptop accessories market due to increasing use of laptops due to its benefits like portability, light weight and other features. On back of these factors the global laptop accessories market is expected to witness a significant growth during the forecast period.
Market Dynamics
Drivers for Laptop Accessories Market
Increasing purchasing power in developing countries such as Thailand, Brazil, India, China and others allows the consumers to spend more on their consumer electronics which in turn is increasing sales of the laptop accessories. Increasing number of corporate offices across the globe is significantly boosting the sales of laptop accessories market. Moreover, an increase in urbanization, disposable income and e-commerce penetration are expected to fuel growth of the laptop accessories market in South Asia and East Asia. On other hand, ease in availability of the laptop accessories at department stores is positively influencing growth of the market.
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Trends for Laptop Accessories Market
Key players in the marketer are showing increasing focus on increasing the battery storage features, fast charging features in laptop chargers and quality enhancement in other product to increase the sales of products in terms of volume. Company are principally engaged in increasing the sales of laptop accessories by pushing the product through showrooms and campaigns. Increasing company spending on advertisement of the laptop accessories through social media network like Instagram, Facebook and others is expected to attract customers towards laptops accessories which in turn is expected to boost sales of the market during the forecast period.
Opportunities for Laptop Accessories Market
Due to external factors like technological advancements in Wi-Fi, Bluetooth, Infrared and internal factors like minimization of overall weight of accessories the laptop accessories market is expected to witness a significant growth during the forecast period. Moreover, product innovation with cost-effectiveness is expected to bring a boom in the global laptop accessories market.
Challenges for Laptop Accessories market
The increasing availability of low cost counterfeit products poses a significant challenge to the growth of laptop accessories market in South Asia and East Asia countries such as China, India, Taiwan and Indonesia and others.
Laptop Accessories Market: Regional Outlook
East Asia and South Asia together are expected to hold a prominent share in the global laptop accessories market due to presence of large number of corporate offices in the region. Moreover, high e-commerce penetration in the regions are showing an increasing sales of laptop accessories through residential segment.
Key players in North America and Europe are involved in launching new product with innovative technology to cater the surge of customers. On the other hand, effect of recession in Latin America is hindering the growth of laptop accessories market in the region. Growth of consumer electronics products in UAE due to increasing industrialization is positively influencing growth of laptop accessories market in Middle East & Africa.
Key Players
Some of the key players operating in the global Laptop Accessories market are
- Panduit
- Sovella Inc.
- Fellowes Brands
- Hama GmbH & Co KG.
- Bourns Inc.
- Tripp Lite
- Keysight Technologies
- Fluke Corporation
- Bartec USA LLC
- Others
These players are expected to positively influence growth of the Laptop Accessories market during the forecast period. These players are engaged in manufacturing electronics as well as non-electronic laptop accessories with continuous focus on technological innovation and decreasing the cost of the product.
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Key Segmentations
By Product Type:
- Electronic Accessories
- Non-Electronic Accessories
By End User:
- Individual/Residential
- Commercial
By Price Range:
- Premium
- Budget
By Distribution Channel:
- Direct sales
- Hypermarket/Supermarket
- Specialty Stores
- Small Stores
- Online Store
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
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