Laptop Accessories Market: Overview
The size of the global market for laptop accessories was estimated at USD 35.7 billion in 2021 and is anticipated to increase at a CAGR of 6.1%. The rising popularity of e-sports and the implementation of process automation in many industries are the main factors driving the need for laptop accessories. The market's main growth drivers include expanding internet use, rising disposable incomes, an expanding worldwide population, and rising consumer awareness of emerging new technology. Sales of personal computers were expected to decline 10 years ago, but they have just lately experienced their first big uptick. PC shipments in 2021 reached 297 million units, up 11% from 2019, according to industry research firm Canalys. IDC predicts 302 million shipments for the year, an increase of 13.1% compared to last year. The need for accessories is rising as a result of booming laptop sales.
The device's sales are also expected to soar during the projection period thanks to a high degree of digital convergence and ongoing product innovation initiatives by leading manufacturers. Over the next few years, the demand for the device will be supported significantly by booming e-commerce and rising demand for gaming devices. Furthermore, the short lifespan of laptop accessories encourages their volume growth as buyers must replace them every three to five years on average. The development of laptop accessories, on the other hand, encourages users to buy the new product, which in turn considerably accelerates the market's expansion.
According to a survey done in March 2021 by Local Circles with 10,530 respondents, consumers used online sales platforms to purchase everything from veggies to holiday decorations, furniture, and laptops. 54 percent of the pool's participants, when medium-value items like clothing, athletic goods, and accessories for electronics were included, were bought. Additionally, the market for laptop accessories is predicted to expand rapidly throughout the forecast period due to internal and external factors, such as decreased accessory weight and technological developments in Wi-Fi, Bluetooth, and Infrared. The market is also anticipated to expand due to product innovation and affordability.
Laptop Accessories Market: COVID-19 Impact
Almost every industry around the globe has experienced setbacks during the pandemic. This is because each company's production and supply-chain activities have been seriously hampered by the multiple precautionary lockdowns and other restrictions imposed by government authorities worldwide. Global markets for laptop accessories are commonplace. Additionally, because this pandemic has adversely affected the majority of people's budgets, individuals are now more concerned with reducing their non-essential spending, which has reduced consumer demand. During the forecast period, these variables are anticipated to impact the global laptop accessories market's revenue trajectory. However, the global laptop accessories industry is projected to recover as regional regulatory authorities start to loosen these imposed limits.
Laptop Accessories Market: Drivers
Growing Trend of BYOD in Corporate Offices to Drive Market’s Growth
As startup culture spreads throughout established and emerging countries, more and more small and medium-sized businesses are willing to adopt the BYOD culture to reduce or eliminate upfront infrastructure costs. Organizations also expect workers to communicate with clients and coworkers. The increase in BYOD adoption across numerous industrial verticals results from organizations' increasing productivity. The ability to extend faith and trust in the employee, resulting in a highly committed staff, has helped BYOD become extremely popular. By implementing BYOD, employees can increase their work flexibility and achieve a balance between their personal and professional lives. As a result, they can work more efficiently and accumulate more work. Thus with the growing trend of BYOD, the demand for laptops will increase, thus driving the market growth.
Rising Rate of Urbanization to Propel Market’s Growth
Living in an urban area is associated with better opportunities for employment and education, better health, greater access to social services, and more social and cultural opportunities. People go to towns and cities for a higher standard of living. As of 2021, 4.46 billion people lived in metropolitan areas worldwide. By 2050, there will be 2.22 billion more people living in cities worldwide, bringing the total number of people who call cities home to 6.68 billion. Therefore, as urbanization grows and the quality of life rises, so will demand for laptops for various purposes and the market it serves.
Laptop Accessories Market: Restraints
Growing Use of Counterfeiting Products to Hamper Market’s Growth
The electronic business has been severely impacted by counterfeiting activity due to a sizable consumer base purchasing goods through online sales channels. Additionally, the penetration of electronic products has increased due to a trust of brand loyalty among customers who buy them. Businesses in the laptop accessories industry struggle with the spread of counterfeit goods and declining sales. Contradictory brands have evolved due to the high prices and extensive popularity of laptop accessories companies. Since consumers in emerging economies are price-conscious, counterfeit brands are widespread. With this, it is challenging for well-known original laptop accessories brands to do business in these countries. Additionally, significant price differences for raw materials are anticipated to restrict market growth.
Laptop Accessories Market: Segment Overview
Commercial Segment to Dominate Market due to Rapid Digitization
The commercial category is anticipated to experience the highest growth rate during the projection period. The commercial market expansion is anticipated to be aided by the corporate sector's rising need for laptop accessories like webcams, speakers, and pointing devices. With the laptops' non-portable capabilities and functionalities, businesses have increased the equipment in their office infrastructure. The demand for peripherals has therefore increased. There is a significant and parallel increase in shares invested in both the commercial sector and the high-tier market. The market has been stable in recent years, with global shipments averaging 160 million units, thanks to the ongoing need for laptops for business use.
E-Commerce Sector to Dominate Market due to Increased Consumer Preference
Over the projected period, the e-commerce segment is anticipated to increase at the quickest pace. The expansion of the online market can be attributed to technological advancements and the growing significance consumers, especially those looking for deals, are giving to online stores where they can buy laptop accessories. Customers that feel comfortable making purchases without physically inspecting them are the major target market for online platforms. Most manufacturers use direct sales strategies to increase product sales and profit margins. The survey results in 2021 reveal that consumers who used e-commerce services the year before (2020) are still using them despite the recent opening of local markets, retail stores, and malls. In the last 12 months, e-commerce websites and apps have become the preferred method of shopping for more than half of all respondents, while 18% prefer having local firms deliver their purchases to their homes.
Laptop Accessories Market: Regional Landscape
Asia Pacific to Acquire Major Market Share due to Increased Consumer Spending
The Asia Pacific has the highest revenue share. China, Japan, and South Korea make up the majority of laptop accessory markets in the Asia Pacific (Republic of Korea). With the fragmentation of the laptop accessory market, companies are using growth strategies, such as providing extra benefits to customers, to gain a competitive edge. Consumer electronics are expanding in the area as a result of increased manufacturing. For instance, according to Amazon India, searches for headphones and earphones have increased by 1.7 times, those for laptops and tablets have doubled, those for stationery have increased by nearly 1.2 times, those for mouse and keyboards have increased by over 2 times, those for printers have increased by 1.3 times, those for routers have increased by over 3 times, and those for study tables have increased by 2.5 times.
With the expanding operations of renowned corporations in nations like the United Arab Emirates and Saudi Arabia, the Middle East and Africa region is anticipated to expand significantly. The related businesses in these nations will find it simpler to offer laptops. As a result, promoting the expansion of the regional market. In July 2020, Microsoft Corporation increased its clientele in South Africa by launching a line of products that included laptops and cases for the Surface Laptop 3 and Surface Pro 7. Additionally, increased awareness regarding the availability of various computer accessory products among consumers is further pushing the market growth in the region.
Global Laptop Accessories Market: Competitive Landscape
In September 2021, Microsoft Corporation (MSFT) introduced eight new Surface hardware products. Aside from the Microsoft Laptop Studio, an entirely new device, the company's other devices are refreshes of previous products that have been improved with new features or equipped with new hardware. In February 2021, HP Inc. signed a formal deal to buy HyperX, Kingston Technology Company's gaming division. The acquisition complements HP's aim to accelerate development in its Personal Systems division, which includes gaming and peripherals. HyperX's award-winning product line includes gaming headphones, keyboards, mice, mouse pads, USB microphones, and console accessories.
Few of the players in the Laptop Accessories Market include Logitech; Western Digital Corporation; Hewlett-Packard Company; ASUSTeK Computer Inc.; Dell; GIGA-BYTE Technology Co., Ltd.; Seagate Technology LLC; Microsoft; Kingston Technology; Hama
Regional Classification of the Global Laptop Accessories Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Laptop Accessories Market
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