Home Entertainment Devices Market to Reach $295 Billion Globally by 2022
According to a report by Allied Market Research, Home Entertainment Devices Market is expected to reach $294,969 million globally by 2022. The report profiles and includes key players including Sony Corporation, Apple Inc., Panasonic Corporation, LG Electronics Inc., Samsung, Bose Corporation, Sennheiser Electronic GmbH & Co. KG, Microsoft, Koninklijke Philips N.V, and Mitsubishi Electric Corporation.
Home entertainment devices market includes products and systems that are used in domestic or personal context. The market includes several consumer electronic products such as television sets, video players & recorders, audio equipment, and gaming devices. Over the past few years, there is a significant rise in consumer investments in entertainment products mainly owing to the increase in disposable income and development of innovative entertainment solutions from manufacturers. Video devices is estimated to be the most dominant product type in the market from 2015 to 2022. Based on region, Asia-Pacific led the market, accounting for around 29.8% share of the global market in 2015.
The global home entertainment devices market is segmented based on product type, connectivity, and geography. Based on the product type, the market is divided into audio devices, video devices, and gaming consoles. The audio devices market has been further segmented into home theatre in-a-box (HTiB), audio systems, home radios, sound bars, headphones and others. The video devices segment includes televisions, Blue-ray & DVD players, projectors, DVRs, and streaming devices. Video devices were the most dominant product type accounting for around 84.6% of the overall market in 2015. The video devices division was majorly dominated by the television segment. The market growth for televisions is supported by growth in customer demand for smart TVs. Smart TVs presently make up only small portion of overall sales, the adoption of these devices is expected to grow with increase in customer demand for web-based content.
IoT and Home Entertainment Systems
The market growth for home entertainment systems is boosted by the development of new and connected products. Companies operating in the market launch new products and services which increase the convergence between the current products and the rising Internet of Things (IoT). There is also high competition among key market players which forces them to bring continuous innovation in their products.
Based on the mode of connectivity, the market for home entertainment systems was segmented into wireless and wired devices. Wireless devices can refer to setup that simply has a set of wireless surround sound speakers to a system that incorporates wireless home networking. They also have inbuilt LAN devices that allow users to access the Internet and provide the benefits of networking in a cable-free environment. The market by connectivity was dominated by wired devices segment and accounted for around 77.9% of the overall market in 2015. Wireless devices are expected to grow at a faster CAGR of 9.8% and reach $104,078 million by 2022. The market for wireless devices is driven by advancements in Internet, TV, and other application technologies.
Factors that drive the market are increase in product bundling by vendors, increase in demand from customers for connected products, growth in consumer disposable income, and decrease in prices of entertainment products. The market growth is also driven by increase in digitization of electronic goods, rapid innovations in existing products and growing tech-savvy urban population in developing countries. However, the market growth for these products is mitigated by increase in consumer shift toward mobile platforms and consumer apprehensions due to adverse effects on health from audio equipment and wireless devices.
By geography, the home entertainment devices market is analyzed across four regions, namely, North America, Europe, Asia-Pacific, and LAMEA along with their prominent countries. Asia-Pacific is the most dominant geographical market for home entertainment devices in 2015. Asia-Pacific is largely driven by the growth in disposable income and tech-savvy urban population from major countries such as China and India. Asia-Pacific is estimated to grow at a CAGR of 7.9%.
Bhupendra Shirsath, is a senior content writer with Allied Market Research. He has worked intimately with industry specialists from different segments including chemical, automotive and transportation, information technology, life sciences, construction and manufacturing & energy and power. Bhupendra’s article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. Report can be accessed at https://www.alliedmarketresearch.com/home-entertainment-devices-market
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