Remote Control Market Introduction
- Global remote control market registered a value CAGR of 1.3% for the period between 2014 and 2018. Robust development in entertainment industry along with increasing number of consumers watching television for different purposes has underpinned the growth of remote control market.
- Worldwide sales of remote control closed in on revenues worth US$ 7 billion in 2018, and are projected to record a Y-o-Y growth of 1.3% in 2019.
- North America will continue to remain the leading market for remote controls, with revenues estimated to be in an excess of US$ 1.8 billion in 2018. Remote control sales in the region are driven by growing popularity and adoption of wide-range of smart devices and home automation systems.
- Latin America is likely to be a high-growth market for remote controls, which is envisaged to register a Y-o-Y of 2.5% in 2019 over 2018.
What are the Key Growth Drivers of Remote Control Market?
- Remote control market has been primarily influenced by the significant growth in consumer electronics sector in line with a notable rise in the demand of smart devices.
- Growing home automation, especially in developed markets such as North America and Europe, has led to surge in the demand for smart home appliances, which in turn drive the sales of remote controls for smart TVs, air conditioners, lights, kitchen appliances, bathroom equipment, blinds, and others. Prospects of remote control market will remain promising, as adoption of automated activities and control solutions has also increased in commercial sector including offices, restaurants, hospitality space.
- Developing economies are witnessing a remarkable increase in the demand of remote controlled electronic devices to ease operations and enhance work efficiency, on the back of improving economy and high disposable income. This, coupled with increasing spending on advanced technology devices will augur well with the sales of remote controls.
- Opportunities are imminent in the remote control market, as manufacturers shift their focus towards transforming a variety of features in the products, such as the introduction of voice-controlled TV remotes, next-generation motion-sensing remotes and low-power remotes. In addition to low power consumption, such remotes allow users to access variety of digital content in efficient way, and have the ability to receive and dictate spoken command, which will open new avenues of growth of remote control market.
- Heavy investment in R&D activities to enhance application of different technologies in remotes and to increase user friendliness of the products is likely to influence the future expansion of remote control market.
What are the Key Challenges Faced by Remote Control Market Players?
- Although advanced remote controls such as universal remotes have gained increasing popularity for their multi-functional nature, high cost associated with these remotes may abate their adoption, especially in low-income countries.
- Complexity of the functions of technologically advanced remotes that require a lot of programming to use it up to its full potential along with risks of network hacking in Wi-Fi or Bluetooth-enabled remote controls may pose as a potential threat to the market growth.
Remote Control Market – Competitive Landscape
- In January 2019, Universal Electronics Inc., a leading player in the remote control market, announced that it has collaborated with Microsoft to launch ‘Nevo® Butler’, a smart home hub platform with an integrated digital assistant. The companies will also offer a line of turnkey kits to address home safety and security, entertainment control, and energy management, in residential or hospitality sectors.
- In January 2019, Dusun Electron Ltd. introduced its far-field voice control solution for hands-free interactive experience at the 2019 Consumer Electronics Show. The new voice control solution uses microphone array to capture voice commands from different directions at a particular distance, and voice data is enhanced by several voice algorithm such as noise reduction, echo-cancellation, and beamforming.
- In September 2018, Ruwido’s remote control was selected by Andorra Telecom to enhance user experience. The remote control was specifically tailored to the needs of Andorra Telecom’s user interface in terms of key mapping, printing, and enabling seamless interaction.
Suzhou SZX Technology Co., Ltd
Founded in 2003, Suzhou SZX Technology Co. Ltd. is headquartered in Jiangsu, China and has a strong portfolio of remote control with variety of products. The company offers ordinary remote control, universal remote control, learning remote control, PC remote control, ultra-thin remote control, set-top box remote control, multi-function remote control, touch-screen remote control, game remote control, and more.
Founded by Philips in 1990, Omni Remote is based in Singapore and has its presence in various countries including the USA, China, Japan, India, Taiwan, and some part of Europe.
The company offers a wide range of design and customization options for remote control to match ever customer’s need.
ZENITH ELECTRONICS, LLC
Established in 1918, Zenith Electronics, LLC is headquartered in Illinois, USA, and focuses on the development and supply of consumer electronics, hospitality products, and healthcare products. The company operates as a wholly owned subsidiary for LG Electronics Inc. since 1999.
Founded in 1994, Seoby Electronics is based in Anyang, South Korea and its line of business includes manufacturing and distributing electronic components such as remote controls, antennas, switches, and waveguides.
Koninklijke Philips N.V.
Established in 1891, Koninklijke Philips N.V. is headquartered in Amsterdam, the Netherlands, and operates as a health technology company worldwide. The company believes in providing energy efficient solution to their consumers so as to maintain the global ecological balance.
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Infrared-based Remote Control Continues to Remain the Top-selling Category
Consumers continue to show marked preference of infrared-based remote controls, with revenues worth over US$ 5.8 billion in 2018. Apart from the benefits of easy operations, infrared-based remote control can send out IR as well as RF signals for every command and allow these signals to penetrate walls and glass cabinet enclosures from about 30-100 feet.
In addition, residential electronic devices account for relatively large sales of remote control, with over 70% share in 2018.
Scope of the Report
The Fact.MR study on remote control market offers industry-based intelligence and in-depth insights into the global market. To carry out a detailed analysis on the growth of global remote control market for the period between 2019 and 2029, a unique methodology and holistic approach have been adapted.
An extensive secondary research is followed by an in-depth primary research, to obtain valuable information regarding historical and current growth parameters of the global remote control market.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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