Home Entertainment Devices Market to Display Upward Trend as Online Distribution Channels Gain Traction, Opines Fact.MR
Published : 29 Jan 2020 Industry: Consumer Goods
The global home entertainment device market is set to grow at a healthy CAGR of over 6 % through the forecast period (2019-2029). This increase in growth can be largely attributed to a growing demand for high quality, innovative, connected, and intelligent entertainment devices in home settings, which has come about with rise in standard of living, the proliferation of high net worth individuals and changes in consumer lifestyles.
Further, the frequent development of new, but related technologies and innovative products, coupled with a decline in the prices of home entertainment devices are also being considered as drivers of growth for the worldwide market.
Key Takeaways of Home Entertainment Device Market
- While audio devices are the fastest-growing segment in home entertainment devices, with a CAGR of more than 7 %, video devices continue to hold a substantially larger volume in market share and are expected to continue their dominance through the forecast period, growing 1.8X
- Offline retail accounts for majority of the home entertainment devices market share at 72.8 % and is expected to display a healthy CAGR of more than 5 %, projected to grow 1.7 x. However, the online distribution channels for home entertainment devices is expected to display a substantially higher rate of growth.
- North America dominates the market share accounting for more than one fourth of the overall volume of home entertainment devices. However, cumulatively, countries in the Asia Pacific region are displaying higher CAGRs owing to growth in urban populations and standards of living and will grow 2.3 x during the forecast period.
- DVD players have come on top as the most popular home entertainment devices with more than 45 % of households estimated to have purchased at least one such unit. Other popular devices in the field include Blu-ray players, and high end gaming consoles.
“Increasingly large amounts of high-quality and varied content with new technology, and the impact of new technology-related regulations will positively influence the market growth.” says the Fact.MR analyst
Smart Connectivity Tech Generates Opportunities for Home Entertainment Device Development
Home entertainment devices are largely considered to be luxury commodities, and are set aside from essentials, which consumers require for their daily needs. Consequently, the rise in luxury products corresponds to a rise in disposable incomes. In addition, integration of cutting edge connectivity tech has provided home entertainment devices intelligent capabilities. Such smart, connected home entertainment devices generate opportunities in development of superior functionality and reliability.
Find More Valuable Insights on Home Entertainment Devices Market
Fact.MR, in its new offerings, provides an in-depth analysis of the worldwide home entertainment device market, presenting historical demand data (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with key insights on the home entertainment device market on the basis of device type (audio devices, video devices, and gaming consoles), distribution channel (offline and online) and regions (North America, Latin America, Europe, East Asia, South Asia, and Middle East and Africa).
About the Retail and Consumer Goods Division at Fact.MR
As a consortium of a large number of sub-industries, few market research companies are capable of fulfilling the requirements of consumer product clients. Retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio. For more insight on reatil industry, visit here.