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Industry Insights, Market Size, CAGR, High-Level Analysis: Home Entertainment Devices MarketThe global home entertainment devices market size was valued at USD 225.0 billion in 2018 and is anticipated to register a CAGR of 6.3% from 2019 to 2025. Home entertainment devices continue to be a popular choice among consumers as they are convenient and economical. Increasing consumer spending on household leisure activities is further expected to drive the growth of the market during the forecast period. The global market is expected to gain traction over the forecast period owing to the growing number of households and increased spending on home entertainment devices. Consumers find home entertainment appliances appealing as they provide economical, hassle-free entertainment at home along with privacy. Consumers are increasingly becoming more research-driven, well-informed, particular, and price-sensitive about products and services. Therefore, they opt for home entertainment devices which are good value for money. According to the report ˜The State of the Connected Home, published by techUK, the cost of entertainment is the biggest barrier for the age group of 25-34; around 41% consumers consider cost as the key barrier for purchasing connected home products. Manufacturers of home entertainment devices are channeling their efforts to offer connected home entertainment products via smart technologies such as home assistance and smart speakers to enhance the experience of entertainment. These devices are proven to enhance the overall sound experience of movies and TV shows via voice control automation. Such product innovations are expected to continue to drive the growth of the market during the forecast period. Moreover, integrating internet content with these entertainment systems are proven to improve consumer experience as they are capable of playing music, providing information on news and weather, and controlling several smart devices. This is likely to drive the demand for internet-enabled devices such as televisions, disc players, and gaming consoles over the forecast period. Home entertainment device manufacturers are also focusing on the aesthetic design of appliances to complement the ambience in homes, which is likely to drive the growth of the market in the coming years. However, despite numerous positive attributes of these appliances, the increasing adoption of smart phones across the globe have the potential to obstruct the growth of the market in the coming years. Consumers spend a significant amount of time on their smartphones which also have the capabilities of streaming video content, music, and news, as well as downloading games onto their phones. They also have the added advantage of portability. These factors are hence foreseen to hinder the market growth over the forecast period.
Distribution Channel InsightsOn the basis of distribution channel, the market has been segmented into offline and online. The offline segment accounted for largest market share in 2018 and this trend is estimated to continue over the forecast period. Consumers tend to purchase home entertainment devices from retail stores or specialty outlets as it enables them to see, touch, and test the appliances before committing to a purchase. By physically interacting with the appliance, consumers are more assured about product design and quality. However, the online distribution channel is gaining traction and is projected to register a significant CAGR of 8.2% during the forecast period. Online shopping offers several advantages, such as availability of numerous products and easy return policies. It also enables consumers to compare product features and avail discounts and deals. Furthermore, online shopping helps save time and is considered more convenient owing to an extensive product offering from multiple brands. The rise in social media marketing is also supporting the growth of the online distribution channel.
Device InsightsOn the basis of device, the home entertainment devices market has been segmented into audio devices, video devices, and gaming consoles. The video devices segment dominated the market in 2018 and is also expected to register a significant growth rate over the forecast period owing to consumer preference for visual entertainment. However, audio devices and gaming consoles are projected to register remarkable CAGRs during the forecast period. Increased preference for audio devices such as home theatre systems, sound bars, and speakers for improved sound quality for events such as social gatherings is expected to drive the demand for these appliances over the forecast period. Furthermore, the rising popularity of home gaming consoles among teenagers, particularly products offered by brands such as Xbox, PlayStation, and Nintendo, is expected to drive the growth of the gaming consoles segment in the coming years. Video devices accounted for a market share of over 80% in 2018 and this segment is expected to continue to dominate the market through 2025. This segment is also expected to register a significant growth rate as video appliances such as televisions continue to be the prime choice of home entertainment for consumers. The advent of smart TVs and the host of features they offer, such as high-definition displays, built-in Wi-Fi, High Definition Multimedia Interface (HDMI) ports, and easy access to apps such as YouTube and Netflix, has also contributed significantly to the growth of the segment.
Regional Insights of Home Entertainment Devices MarketAsia Pacific dominated the global market in 2018 and this trend is expected to continue over the forecast period. Growing penetration of internet in developing economies and changing lifestyles of consumers have led to an increase in spending on household entertainment devices. China is projected to dominate the Asia Pacific market, while India is estimated to remain lucrative in terms of growth rate over the forecast period. Europe is expected to be the second-largest market through the forecast period. Factors such as increasing disposable income and product availability at economical prices are expected to have a positive impact on regional market growth. Furthermore, growing adoption of IoT-connected devices and increased demand for products that offer comfort and convenience is expected to drive the product demand in Europe. Germany is expected to dominate the Europe market over the forecast period with the rise in demand for subscription video-on-demand services (SVOD) in the country.
Market Share Insights of Home Entertainment Devices MarketThe major players operating in the global market include Samsung Electronics Co. Ltd.; Panasonic Corporation; Sony Corporation; LG Electronics Inc.; Mitsubishi Electric Corporation; Sennheiser electronic GmbH & Co. KG; Bose Corporation; Koninklijke Philips N.V.; Haier Inc.; and Microsoft Corporation. These players collectively accounted for a considerable market share and adopt strategies such as acquisitions, product launches, and collaborations to strengthen their position in the global market. For instance, in May 2019, Samsung Electronics Co., Ltd. announced that all 2019 Samsung Smart TVs and select 2018 TV models will feature the recently launched Apple TV app and offer AirPlay 2 support in over 100 countries. This would enable its consumers to enjoy Apple TV channels and iTunes TV shows and movies on Samsung smart TVs. The global market also comprises local or regional players which can be characterized by a selected category of home entertainment appliances and mainly cater to local or regional customers.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Home Entertainment Devices Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global home entertainment devices market report on the basis of device, distribution channel, and region:
Device Outlook (Revenue, USD Million, 2019 - 2030)
- Audio Devices
- Video Devices
- Gaming Consoles
Distribution Channel Outlook (Revenue, USD Million, 2019 - 2030)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database 1.3.2. GVR’s Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization 1. | read more...