Analysis of Universal Remote Controls market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The evolution of various features of universal remote control such as voice control, multifunctioning at a time and others are the driving factors for the market growth in the coming years. The emergence of IoT applications has paved potential application avenues for the smart remote control business and will bring new opportunities to the market. According to the latest research by Fact MR., the universal remote controls business is set to grow at a steady pace during 2021-2031.
With the continuous development of technology, vendors are offering smart remote monitoring system with LCD touch screen and Wi-Fi technology. Wi-Fi remote devices are gaining traction in the market worldwide. They allow users to bypass the cable provider to see what is playing on the TV over the Wi-Fi network. Additionally, updates of the TV program are displayed on the LCD screen of the global remote control. LCD touchscreen devices have a bright LCD screen that displays "virtual buttons."
Remote controls across radios often use radio waves to control electronic devices that are blocked by barriers such as walls or suitcases. The Universal Remote is configured with macros that allow the execution of various commands with a single button. For example, macro-programming assist the satellite dish, as well as the TV, can be turned on by pressing a single button no need to press two buttons at a time.
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With the increasing awareness of smart devices among people, the requirement for universal remote controls is also increasing. Universal remote control designed to operate several consumer electronic device including TVs, microphones, lights, air conditioners, toys and more. In general, these devices are divided into two categories high end and low-end remote controls. Low-end devices are able to control limited devices at a time whereas high-end devices allow users to take action and set the number of devices to be controlled at a time.
Furthermore, the adoption of Do It Yourself (DIY) consumer electronics propelling the global demand for smart remote controls as customers themselves can download universal remote control codes and programs. Programming and installation require no expert assistance. In addition, factor such as the increased requirement of smart home devices is driving the global demand.
The increase in smartphone adoption is expected to make a significant contribution to universal remote business during the forecast period. The increase in spending on advanced technology devices is expected to have a major impact on the overall business growth.
The high cost of universal remote control compared to dedicated remote devices is expected to hinder universal remote controls business growth in developing countries of the Asia Pacific and Africa. Additionally, the threat of network hacking is likely to be another obstacle for the universal remote control business that supports Wi-Fi.
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The development of technologies such as the Internet of Things (IoT) drives smart remote control sales. Increasing sensors application is likely to augment the demand for universal remote controls across the globe. Due to ease of use and convenience, the WiFi-based remote control technology creates substantial attention across a large consumer base. The radiofrequency remote controls also gain traction among consumers, the main factors driving the demand it doesn’t need internet for operation and it can transmit signals even in impassable obstructions.
The growing demand for advanced IOT device to ease regular chores is what creating requirement for consumer electronics. Consumer electronics provides huge potential for the Internet of Things (IoT) applications and is gaining enormous traction. The main factors driving the growth of the Internet of Things (IoT) in the consumer electronics business include changes in people's lifestyles globally. The convenience offered by connected consumer products, and shrinking prices for these products coupled with an increase in the spending capacity of people in developing countries. However, privacy concerns and a lack of standardization are still the inhibiting factors for the Internet of Things (IoT) in the growth of the consumer electronics business.
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The Asia Pacific is one of the prominent region witnessing the growth of the universal remote control business. With the fast growing population and rapid urbanization the region has witnessed the high adoption of consumer electronics devices. Owing to increasing disposable income of the people in the region requirement for smart electronics are also increasing.
Even the people with low income the adoption of smart electronics products has been seen gradually increasing due to low-cost offering of products by the local manufacturers such as TVs, smartphone etc. China is the country known for manufacturing low-cost consumer electronics. The low-cost Chinese products attracts mostly the lower and upper-middle-class people in the region. Country like India with high population volume is driving the sales for low-cost consumer electronic products.
Owing to the growing demand in the region manufacturers also started making affordable, technological advanced product and offer them to customers. New product launches with smart monitoring facility grab the attention of the customers. In February 2020, Panasonic launched bindle of smart consumer electronics products in the Indian and Japanese market. The products launched in those countries include smart monitoring system developed and related products. Owing to the points highlighted above the demand for universal remote controls is set to boom in the region. Thus, contributing towards overall growth of the universal remote controls business.
North America is a home for many leading universal remote manufacturing companies. Due to the impact of the coronavirus outbreak, the manufacturers in the region experienced heavy traffic in terms of sales. The region was severely affected by the COVID-19 in 2020, owing to the massive increase number of confirmed cases and death rate. US and Canada impacted most due to the pandemic and shown a decrease in the adoption of smart consumer electronics.
Despite COVID-19 countries in North America started recovering at a fast pace and the growth has been seen from the last quarter of 2020. Though the second wave of coronavirus impact has disrupted the trade again but with a limited workforce and maintaining social distancing measures the industries and manufacturing facilities are managing to continue their operation.
As North America is known to be the most critical region for the adoption of new technologies. Thus, the demand for smart remote controls also paramount to a certain extent. High purchasing power, favourable government policies make the region most prominent for the sale of smart consumer electronic devices. The US and Canada witnessed the highest demand for universal remote controls in the region.
Some of the leading manufacturers and suppliers of Universal Remote Controls include
Most of the leading remote control manufacturers and suppliers have long term contract with other same industry key players. The manufacturers are focusing on easy and convenient remote control solution by reducing the number of buttons. Even though the manufacturers are also developed digital touchscreen in the remote for flawless and attractive use. New product development and technological advancement help manufacturers grab more attention from customers and capture demand accordingly.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The universal remote controls market is likely to record a CAGR of 8.2% during the forecast period.
The universal remote controls market has high growth potential due to the rise of IoT integration paving potential avenues for smart remote-control businesses.
The manufacturers of the universal remote controls industry are likely to find the most opportunities in the Asia Pacific region.
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