Japan Home Accessories Market  Witness High Growth Earlier This Year

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Japan Home Accessories Market  Witness High Growth Earlier This Year
Japan Home Accessories Market  Witness High Growth Earlier This Year

Are you interested in learning about the size and growth rate of the home accessories market in Japan over the next few years? If so, check out this handy report by Allied Market Research!

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.

Home accessories manufacturers are under pressure to keep up with shrinking prices and intensifying competition, so they’re doing what they do best: innovating and developing new products. 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.

The home accessories market in Japan is set to reach $15.90 billion by 2026, expanding at a CAGR of 9.4% during the forecast period (2020-2026), according to the recently published report by Research Dive. The growth of the market can be attributed to increasing adoption of new fashion trends and rising number of household activities in developing countries.

However, high cost of home accessories products is expected to hamper the market growth over the analysis period. The major players in the industry have adopted strategies such as acquisition, partnership & agreement, merger, and geographical expansion to expand their global presence and increase profitability.

The key players operating in the industry include Hewlett-Packard (HP), Dell, Lenovo Group Limited (Lenovo), Sony Corporation (Sony), Canon Inc. (Sony), Nikon Corporation, Samsung Electronics Co., Sharp Corporation (Sharp), Panasonic Corporation (Panasonic), and Olympus Corporation. Furthermore, these companies are taking several initiatives to improve their services with innovative technologies to meet customer demands. For instance, in 2020, Sony launched its new lineup of 8K LED TV with a super resolution feature that delivers clarity even while watching fast-paced sports or faster gaming scenes.

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