Apple Accessories Market to expand at a CAGR of 4.8% through 2016-2020
The global Apple accessories market is expected to grow at 4.6% CAGR over the forecast period, 2016-2020. Demand is expected to remain strong in China, where rapid adoption of smartphones, combined with an increasing preference towards the ‘Apple’ brand is pushing sales. The market in China is expected to grow at 8.5% CAGR through the forecast period. Globally, the demand for Apple accessories is expected to be positively influenced by the growing BYOD trend.
Weak distribution channels in emerging markets have remained a longstanding challenge for manufacturers. However, popularity of e-commerce and focus on creating alternative distribution channels have positively impacted Apple accessories sales in emerging markets. The steady growth in these markets is expected to offset weak demand in developed markets of the U.S. and Europe.
Apple accessories sales in Asia will be driven by rising popularity of e-commerce websites and apps. As is the case in Asia, steady e-commerce sales are driving Apple accessories sales in Brazil and Russia. These factors will contribute to the overall growth of the global market.
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Future Market Insights identifies that undefined standards in terms of components and technology have led to price and product differentiation. Moreover, widespread availability of counterfeit and pirated products offered at a fraction of the original price in various developing countries can significantly inhibit demand for Apple accessories.
The Future Market Insights report reveals that iPhone screen guards will continue to be the most-sought after accessory among consumers. iPad cases and iPad screen guards are expected to remain the other lucrative product types. Collectively, these three product segments accounted for over 50% revenue share of the global market in 2016, and the status quo will remain unchanged throughout the forecast period. Among these product types, iPad cases segment will only witness an increase in its revenue share by 2020.
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North America will continue to be the most lucrative market, with the US leading total sales. The North America Apple accessories market was valued at US$ 1.93 Bn in 2016, with the US accounting for US$ 1.38 Bn in revenues. Future Market Insights projects the North America market revenues to increase at a CAGR of 4% CAGR through 2020. The report further reveals that the Apple accessories market in Europe is predicted to register a CAGR of 4.0% in the span of next four years. However, the Apple accessories market in South East Asia is expected to witness relatively sluggish growth by the end of 2020.
3M, Bose Corporation, Western Digital Corporation (SanDisk), Logitech, Otter Products, LLC., Decoded, Adobe, Bang & Olufsen, Incase and ACCO (Kensington Computer Products Group) are the key manufacturers operating in the Apple accessories market globally.
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