Increasing need for aesthetic design of appliances to complement the ambiance in homes is a key factor driving market revenue growth.
Market Size – USD 281.41 Billion in 2021, Market Growth – at a CAGR of 6.8%, Market Trends – Rising disposable income and changing lifestyle.
The global home entertainment devices market size is expected to reach USD 507.28 Billion in 2030 and register a revenue CAGR of 6.8% during the forecast period, according to a latest report by Reports and Data. Increasing need for aesthetic design of appliances to complement the ambiance in homes is a key factor expected to drive market revenue growth during the forecast period. In addition, rising disposable income, changing lifestyle, and increase in disposable income have led to increased spending on leisure accessories and devices, which is expected to increase demand for home entertainment devices. Moreover, increasing penetration of internet has resulted in rising demand for connected devices with a rise in on-demand services such as Netflix, Amazon Prime Video, Disney+, Hulu, Hotstar, and Apple TV, among others. These services are influencing viewers to watch content on their mobile devices and connected devices are enabling users to connect their mobile devices to TV screens for an enhanced viewing experience, which is expected to increase demand for home entertainment devices over the forecast period. Furthermore, increasing investments in smart homes, rapid innovations, and increasing R&D expenditure by manufacturers with new innovative applications are expected to drive industry growth over the forecast period.
COVID-19 pandemic had a wide-ranging impact on the home entertainment devices industry due to travel restrictions imposed by governments of various countries, that directly affected production and demand, by creating supply chain and market disruption. In addition, stringent lockdown also affected device manufacturing processes due to lack of skilled workforce and unavailability of electronic components. This has had a negative impact on the economy of many home entertainment manufacturers, resulting in huge financial impact. Hence, due to lockdown measures, there was an increasing demand for home entertainment devices. However, transportation restrictions created a supply-demand gap hampering market revenue growth.
Companies profiled in the global market report include
Samsung Electronics Co., Ltd., Sony Group Corporation, Panasonic Corporation, LG Electronics, Inc., Mitsubishi Electric Corporation, Koninklijke Philips N.V., Haier Group Corporation, JBL, Inc., Bose Corporation, and Sennheiser Electronic GmbH & Co. KG.
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Some Key Highlights in the Report
- The wired device segment is expected to account for largest revenue share over the forecast period due to increasing number of video device users using wired devices such as television and DVD players, among others.
- The online segment is expected to register a significantly high revenue CAGR over the forecast period owing to increasing availability of products and getting maximum discounts on deals.
- The Europe market is expected to expand at a considerable revenue CAGR over the forecast period. Growth of the market is expected to be driven by rapid urbanization and increasing penetration of internet in countries in the region.
- In September 2021, LG Electronics, Inc. launched a large 325-inch LED TV for the customers of the super-luxury segment. This TV offers a home cinema system known as LG DVLED, which is based on the idea of using millions of LEDs to create a full picture in custom shapes. This launch aims to provide a larger-than-life TV viewing experience to its customers.
For the purpose of this report, reports and data has segmented the global home entertainment devices market on the basis of device type, connectivity type, distribution channel, and region:
Device Type Outlook (Revenue, USD Billion; 2019-2030)
- Audio Device
- Video Device
- Gaming Console
Connectivity Type Outlook (Revenue, USD Billion; 2019-2030)
- Wired Device
- Wireless Device
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Advantages of Home Entertainment Devices Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Home Entertainment Devices industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
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