Rapidly Growing Consumer Electronics Industry to Provide a Fillip to Growth of the Japan Home Accessories Market

Japan home accessories market. This price fall is forcing companies to develop innovative products

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATE, March 16, 2022 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Japan Home Accessories Market by Product, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2018-2025," the Japan home accessories market size was valued at $9,425.7 million in 2017, and is expected to reach $12,203.5 million by 2025, growing at a CAGR of 3.4% from 2018 to 2025. The video games segment is expected to retain its dominant position, in terms of revenue generation, throughout the Japan home accessories market forecast period.

Reducing prices of home accessories positively impact the Japan home accessories market growth

Manufacturers in the home accessories market are continuously developing products with enhanced functionality and features to remain competitive. Despite developing products with higher added value, the prices for the products have collapsed and thus, remained stagnant at a lower level for several years. The decrease in price was due to the pressure of competition from countries with low manufacturing costs. Manufacturers are also facing pressure related to margins owing to fierce competition in the Japan home accessories market. This price fall is forcing companies to develop innovative products. This decrease in price trend of home accessories is encouraging customers to purchase the products, which in turn can drive the Japan home accessories market. Reducing prices of home accessories positively impact the Japan home accessories market growth. According to the United Nations, a large part of the world is currently undergoing urbanization.

Nearly 54.8% of the world’s population presently lives in urban areas. Growth in urbanization has resulted in the change in lifestyle of individuals. Increase in number of nuclear families also boosts the demand for home accessories. High price and remarkable popularity of home accessories brands have led to the advent of counterfeit brands. Counterfeit brands are generally prevalent in areas where consumers are highly price-sensitive. This factor restricts the sale of the existing original home Accessories brands in the Japan market. On the contrary, development of durable, energy-efficient home accessories at economic price is anticipated to increase the rate of penetration among low- and middle-income groups.

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The Japan home Accessories market is segmented based on product and distribution channel.

Depending on product, the Japan home Accessories market is classified into pc, camera, video camera, video games, recorder, and other home accessories.

Based on distribution channel, the market is divided into supermarket real, specialty store real, manufacturer store, and e-commerce company.

Increase in demand for accessories, and thus contribute toward the market growth

Rapid growth in the real estate sector in Japan due to direct foreign investment is anticipated to help in developing smart cities, and settlement, thereby, contributing toward the growth of the home accessories market. . Rise in the construction sector is projected to positively influence the demand for home accessories. Also, growing number of single occupant households; for instance, students living away from home or transferees who have moved out of the family home because of temporary job changes. Hence the single occupant lifestyle pattern is expected to directly lead to increase in demand for accessories, and thus contribute toward the market growth.

The major players in the industry have adopted strategies such as acquisition, partnership & agreement, merger, and geographical expansion to expand the Japan home accessories market share and increase profitability.

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The key players operating in the industry include :-
HEWLETT-PACKARD
DELL
LENOVO GROUP LIMITED
SONY CORPORATION
CANON INC.
NIKON CORPORATION
SAMSUNG ELECTRONICS CO
SHARP CORPORATION
Panasonic Corporation
Olympus Corporation.

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David Correa
Allied Analytics LLP
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