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Laptop Accessories Market (2023 - 2030)

2022-12-3000

Laptop Accessories Market Summary

The global laptop accessories market size was estimated at USD 40,251.8 million in 2022 and is projected to reach USD 65,634.2 million by 2030, growing at a CAGR of 6.3% from 2023 to 2030. The demand for laptop accessories is primarily driven by the growing popularity of e-sports and the adoption of process automation in industries.

Key Market Trends & Insights

  • In terms of region, Asia Pacific was the largest revenue generating market in 2022.
  • Country-wise, Brazil is expected to register the highest CAGR from 2023 to 2030.
  • In terms of segment, electronic accounted for a revenue of USD 27,008.2 million in 2022.
  • Non-electronic is the most lucrative type segment registering the fastest growth during the forecast period.

Market Size & Forecast

  • 2022 Market Size: USD 40,251.8 Million
  • 2030 Projected Market Size: USD 65,634.2 Million
  • CAGR (2023-2030): 6.3%
  • Asia Pacific: Largest market in 2022

Personal computer sales were predicted to decrease ten years ago, but it has only recently witnessed their first significant increase in a decade. In 2021, according to a market research firm, Canalys, personal computer (PC) shipments reached 297 million units in 2020, up 11% from 2019. IDC estimates 302 million shipments for the year, up 13.1% year over year. Booming sales of laptops are boosting the demand for accessories.

The pandemic prompted lockdowns around the world, starting from the first quarter of 2020. In the U.S., about 80% of large-scale companies and 45% of small-scale companies switched to at least some form of remote work, a survey conducted by Harvard Business School found in 2020. Moreover, 93% of U.S. households with school-age children reported some form of remote learning, according to the U.S. Census Bureau. The work-from-home and study-from-home trends due to the COVID-19 pandemic have benefited the overall PCmarket, including laptops and desktop systems, with sales exceeding 302 million in 2020, a 13% increase from the year before and the most since 2014.

This bodes well for the sales of various laptop accessories. According to the survey conducted by Local Circles in March 2021, with 10,530 respondents, the shoppers utilized online sales platforms to buy everything from vegetables to festive supplies, home furnishings, and computers. When the number of people in the pool was examined, 54% purchased medium-value things, such as electronic accessories, apparel, sporting goods, and so on. Moreover, the market is anticipated to grow significantly over the forecast period owing to external causes, such as technological advancements in Wi-Fi, Bluetooth, and Infrared, and internal factors, such as the reduction in overall accessory weight.

Furthermore, the market is predicted to grow due to product innovation and cost-effectiveness. The growing number of corporate offices worldwide is significantly fueling the sales of laptops, which further drives the demand for accessories. Consumers are increasingly opting for laptop accessories for a comfortable and easy working experience. Businesses have added more equipment to their office infrastructure as a result of the non-portable capabilities and functionalities of laptops. Moreover, the growing number of shipments of laptops, desktops, notebooks, and mobile workstations further increases the demand for accessories, such mouse, keyboards, and chargers, driving the laptop accessories market.

Type Insights

The electronic segment held the largest share of more than 67.05% of the overall revenue in 2022. The demand for laptops has increased as lockdown restrictions were eased owing to the increased need for work-from-home and the push for online learning. Increased searches for new and reconditioned devices have been observed on e-commerce platforms. This increase in demand for laptops is boosting the demand for electronic accessories, such as wireless keyboards and mouse.

According to HP Inc., the laptop accessories category is exhibiting early signs of increased usage in 2020, ranging from screens as consumers prepare for larger, high-definition viewing to headphones for connecting to online meetings and entertainment and gaming devices for improved gameplay. On the other hand, the non-electronic segment is expected to register a significant CAGR during the forecast period. The non-electronic laptop accessories segment covers mouse pads, stand and holders, protective cases, key guards, cleaning devices/products, etc. These products are considered to play an important role in improving the functionality and longevity of the product. This is anticipated to increase the use of laptop accessories, and positively impact the segment growth.

End-use Insights

The personal segment dominated the industry and accounted for the maximum revenue share of over 58.05% in 2022. This is mainly attributed to the sudden shift from work-from-office to work-from-home on the backdrop of the pandemic and subsequent lockdown. As per the survey conducted by Harvard Business School in 2020, in the U.S., about 80% of large companies and 45% of small companies switched to at least some remote work. Moreover, 93% of U.S. households with school-age children reported some remote learning, according to the Census Bureau. This rise of people working remotely increased the demand for laptops and their accessories, especially external mouse and keyboards. The commercial segment is expected to register the fastest CAGR during the forecast period.

The increasing demand for accessories, such as webcams, speakers, and pointing devices, from the business sector, is expected to favor the growth of the commercial segment. Businesses have added more equipment to their office infrastructure because of laptops’ non-portable capabilities and functionalities. As a result, there has been an increase in peripheral demand. In both the commercial sector and the high-tier market, there is a considerable and concurrent increase in shares invested. Due to the constant need for laptops for business use, the industry has been reasonably stable in recent years, with global shipments averaging 160 million units. However, the industry has seen unanticipated growth due to the pandemic and work-from-home settings.

Distribution Channel Insights

The offline segment dominated the industry and accounted for a maximum revenue share of more than 62.90% in 2022. This is mainly because a large section of consumers still prefers the physical shopping of electronic appliances. As a result, an increase in the number of retail establishments is predicted to improve product sales through offline channels, particularly in growing nations, such as India, China, and Brazil. Increased product visibility and a strong presence of large international firms in expanding APAC countries through newly established strategic business units are likely to support the segment growth over the forecast period.

The e-commerce segment is expected to exhibit the fastest CAGR during the forecast period. The rise of the online category can be ascribed to the technical improvements and the increasing importance given to online platforms for purchasing laptop accessories, particularly by consumers looking for bargains. The main target demographic for online platforms is customers who are comfortable purchasing things without physically inspecting them. To boost product sales and profit margins, most manufacturers have turned to the direct sales approach.

Despite the recent establishment of local markets, retail stores, and malls, the findings of a poll conducted by community platform Local Circles in 2021 suggest that consumers who utilized e-commerce services in the previous year (2020) are still using them, according to Bennett, Coleman & Co. Ltd. Over the previous 12 months, over half of all respondents said e-commerce websites and apps have become their preferred form of shopping, while another 18% said they prefer having things delivered home from local businesses.

Regional Insights

On the basis of geographies, the industry has been further categorized into Asia Pacific, North America, Europe, Central & South America, and Middle East & Africa. The Asia Pacific region dominated the global industry in 2022 and accounted for the largest share of more than 38.30% of the overall revenue. The region is projected to expand further at the fastest In Asia Pacific, the primary markets for laptop accessories are China, Japan, and South Korea (Republic of Korea).

Since the laptop accessories industry is fragmented, vendors are employing growth methods, such as offering additional perks to customers to acquire a competitive advantage. Rapid industrialization is also contributing to the growth of consumer electronics in the region. For instance, according to Amazon India, there has been a 1.7-fold increase in searches for headphones and earphones, a doubling of searches for laptops and tablets, a nearly 1.2-fold increase in searches for stationery, over 2 times for mouse and keyboards, 1.3 times for printers, over 3 times for routers, and 2.5 times for study tables.

Key Companies & Market Share Insights

The market is fragmented owing to the presence of a large number of domestic as well as international players. However, key players capture the majority of the industry share. An increase in the use of accessories by various businesses and specialized consumer segments is one of the primary reasons for boosting the industry's growth. Vendors are releasing new products based on improved technologies, such as Luminae’sTransluSense keyboards and Tobii’s REX Gaze engagement device, which will have an impact on the industry growth over the forecast period

The key companies operating in the global laptop accessories market are as follows:

Laptop Accessories Market

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