Home Entertainment Device Market to Gain Traction on Back of Digitization
The global home entertainment device market is projected to grow at a healthy CAGR of more than 6% during the forecast period (2019 -2029). Home entertainment devices comprise of devices which include a wide range of consumer electronics products including gaming devices, television sets, audio equipment, video players, and recorders.
Increased investments by consumers on entertainment products, and rising levels of disposable incomes have resulted in the development of innovations in home entertainment devices by manufacturers.
The home entertainment device market is going through a phase of significant growth owing to the rise of digitization trends in electronics, innovations in existing products, and also the gradual decline in the pricing of products associated with home entertainment devices. Such changes can be attributed to the demographic of tech savvy urban populations in emerging economies.
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Home Entertainment Device Market to Rise with Video Device Growth Over 6%
Video devices in home entertainment devices includes products such as streaming devices, televisions, DVRs, Blue-ray and DVD players, and projectors, among others. Video devices are projected to account for ~ 80% of the overall market share, growing 1.8 x in the forecast period.
Audio devices in turn are expected to display a higher rate of growth, despite accounting for a substantially smaller market share. The growth in sales has been influenced by a decrease in the prices of home entertainment products. The fall and stagnation of prices has continued for years despite innovations in the field, owing to increased competition from manufacturers in regions with lower manufacturing costs.
Major players participating in the worldwide home entertainment devices market include names such as Sony Corporation, Sennheiser Electronic, Apple Inc., Bose Corporation, LG Electronics, and Samsung among others. Most companies in the field are focusing their efforts on the launch of new products and entering into collaborations to keep up with competition in the market.
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Shift of Consumer Preference to Mobile Devices Impacts Home Entertainment Sales
The recent increase in the penetration of smart phones has made a substantial impact on the demand for home entertainment products such as gaming consoles and televisions. Mobile phones have rapidly become a highly preferred choice of video devices for customers around the world, surpassing viewership on television.
Further, the services of mobile television on phone devices has also had an adverse impact on the demand for televisions. The home entertainment device market is also facing increased competition from PC, mobile, and other platforms for gaming, as consumers are increasingly preferring these devices over conventional gaming consoles.
This trend is bolstered by the fact that while offline distribution channels are still the primary medium of sales, accounting for close to three- quarters of the market, online distribution channels are displaying a rapid rate of growth of over 7.5 % to account for a market share of 27%
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Emerging Economies in South and East Asia Sustain Demand for Home Entertainment Devices
North America currently holds the largest market share for home entertainment devices accounting for 25% of the overall volume with a moderate CAGR of 4.8%.
However, emerging economies across South Asia and East Asia are growing at a much faster CAGR and are expected to cumulatively account for ~40% per cent of the global volume. The growth in the region can be largely attributed to a rise in the levels of disposable incomes, and a greater urban population of tech savvy people, particularly in china and India.
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Global Home Entertainment Devices Market: In-Depth Assessment on Key Segments
The global home entertainment devices market is segmented on the basis of devices, distribution channel and region.
This taxonomy and the detailed ToC prepared are confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.
Global Home Entertainment Devices Market – Scope Of The Report
The following report provides forecast and analysis of the global home entertainment devices market along with the historical data of 2014, estimated data 2019 and forecast data up to 2029 in terms of revenue (US$ Mn) and volume (Units), according to a Fact.MR study.
The research propounds critical trends that are currently influencing growth within the global home entertainment devices market along with several macro-economic indicators. This newly published and insightful report on home entertainment devices sheds light on key dynamics, and their impact on the overall value chain from suppliers to end-users, which are expected to transform the future of the global home entertainment devices market.
The report also comprises the study of current issues with end users and opportunities for home entertainment devices. It also contains value chain analysis, including the key market participants.
To provide users of this report with a comprehensive view of the market, we have included a detailed competitive analysis about the key players involved in the market and strategic overviews. The dashboard included in the report provides a detailed comparison of home entertainment devices manufacturers on parameters such as total revenue, product offerings, and key strategies.
A list of key companies operating in the home entertainment devices market provided in the report adds to the credibility of this exhaustive research study.
Country-specific assessment on demand for home entertainment devices has been provided for each regional market, along with the market size valuation and forecast price point assessment, price index and impact analysis of key regional and country-wise dynamics, which were obtained through quotes from numerous home entertainment devices manufacturers, experts, and suppliers.
Y-o-Y growth projections have also been offered on all regional markets incorporated in the report. Moreover, future trends, growth prospects, and other possibilities related to the market have been answered in the report.
The report provides company-level market share analysis, which has been derived on the basis of the company’s annual sales and segmental revenue in all the target end-use industries.
The market has been forecasted based on constant currency rates. The report provides detailed competitive and company profiles of key participants operating in the global market. Some of the major competitors operating in the home entertainment devices market are Samsung Electronics Co. Ltd., Sony Corporation, LG Electronics Inc., Mitsubishi Electric Corporation, Bose Corporation and others.
Global Home Entertainment Devices Market: Research Methodology
A number of primary and secondary sources were consulted during the course of the study. Secondary sources include Factiva, Morningstar and Hoovers, and company annual reports and publications.
Comprehensive interviews have been conducted by our analysts, and the intelligence and insights obtained have been used for validating the information gained through secondary research. The report also includes a description of assumptions and acronyms utilized for research purposes. Data gathered has been validated using the triangulation method to offer useful quantitative and qualitative insights into the home entertainment devices market.
A short market viewpoint offered in the report elucidates the macro-economic aspects that influence the growth of the home entertainment devices market, which includes global GDP growth rate, various industries growth rate, such as electronics, online streaming, entertainment system and others.
This report serves as an authentic resource of intelligence on the home entertainment devices market, enabling the readers to take fact-based decisions on the future direction of their businesses.
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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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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