Universal Remote Controls Market
Universal Remote Controls Market Analysis By Component (Hardware, Software), By Remote Type (Multiband, Learning), By Function (Audio Devices, Video Devices, Gaming Devices, Lighting, Air-Conditioners, Others), By Regions – Global Market Insights 2023 to 2033
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
Universal Remote Controls Market Outlook (2023 to 2033)
Universal remote controls are gaining demand because they offer convenience and ease of use. They allow users to control multiple devices with one remote, eliminating the need to keep track of multiple remotes. Smart remotes also often come with advanced features such as voice control, motion sensing, and programmable buttons.
In the upcoming years, the market expansion will be fuelled by the evolution of various characteristics, such as voice control, simultaneous multifunctioning, and others. IoT application development has prepared possible application paths for the smart remote control industry and will open up new market prospects. According to Fact MR's most recent analysis, the market is anticipated to expand steadily between 2023 and 2033.
Revenue in the smart remote segment at present in 2023 is valued at USD 266.00 million. The market is further expected to grow annually with a CAGR of 5.75% in the next four years i.e. till 2027.
With the continuous development of technology, vendors are offering smart remote monitoring systems with LCD touch screens 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."
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What are the demand motivators for the market?
Industry 4.0 is heavily dependent on the Internet of things and artificial intelligence. Big data analytics and cloud infrastructure are other two important technologies driving many applications. Nearly 72% of respondents have agreed to IoT as the key and most impactful technology within their premises or organization. This also impels demand for universal remote controls in organizations.
The growing demand for advanced IOT devices to ease regular chores is what creates requirements 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 ease of use provided by linked consumer goods, as well as the products' declining prices and rising purchasing power of consumers in developing nations. Yet, barriers to the Internet of Things (IoT) and the expansion of the consumer electronics industry still exist, including privacy concerns and a lack of standardization.
The configuration of the Universal Remote's macros enables the execution of numerous commands with the press of a single button. For instance, macro-programming helps the TV and satellite dish switch on by pressing a single button, eliminating the need to click two buttons simultaneously.
With the increasing awareness of smart devices among people, the requirement for universal remote controls is also increasing. It is designed to operate several consumer electronic devices 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.
Additionally, as customers may download remote control codes and programs on their own, the growth of Do It Yourself (DIY) consumer electronics drives the demand for smart remote controls around the world. There is no need for specialized help with programming or installation. Additionally, factors like the rising desire for smart home devices are fueling worldwide demand.
What are demand deterrents in this market?
The high cost compared to dedicated remote devices is expected to hinder the 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 business that supports Wi-Fi.
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Key companies and their business strategies
Some of the leading manufacturers and suppliers include
- Universal Remote Control Inc.
- Advanced Media Technologies Inc.
- Logitech International S.A.
- GENERAL ELECTRIC
- VOXX Accessories Corp.
- Savant Systems LLC
- Cisco Systems
- Imagine Communications Corp.
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 solutions by reducing the number of buttons. Even though the manufacturers are also developed a 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.
Asia Pacific region is likely to hold a plethora of opportunities for manufacturers in the forecast period.
The rapid urbanization and growth in population in the Asia Pacific region are key drivers of dominating demand from these countries in the market. Furthermore, the higher adoption of consumer electronics in this region is contributing to the rise in demand for remote controls too. The enhanced workforce participation in developing countries reflecting from the rise in personal income levels is anticipated to favor smart electronics sales in the forecast duration.
Even the people with low income the adoption of smart electronics products has been seen gradually increasing due to the low-cost offering of products by local manufacturers such as TVs, smartphones, etc. China is a country known for manufacturing low-cost consumer electronics. The low-cost Chinese products attract mostly the lower and upper-middle-class people in the region. A country like India with a high population volume is driving the sales of low-cost consumer electronic products.
Due to the increasing demand in the area, producers also began creating and selling technologically advanced, reasonably priced products. The introduction of new products with sophisticated monitoring capabilities attracts customers' attention. In the Indian and Japanese markets, Panasonic introduced a collection of smart consumer electronics items in February 2020.
Several nations have seen the introduction of smart monitoring systems and related products. The factors mentioned above will cause a growth in the demand in the area. resulting in a contribution to the industry's overall growth.
North America reigns the market share at present owing to the presence of key market players.
North America is a home for many leading 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 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 since the last quarter of 2020. Though the second wave of coronavirus impact has disrupted 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 is 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 in the region.
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By Component :
By Remote Type :
- Multiband Remote
- Learning Remote
By Function :
- Audio Devices
- Video Devices
- Gaming Devices
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
- FAQs -
The market is likely to record a CAGR of 8.2% during the forecast period.
The market has high growth potential due to the rise of IoT integration paving potential avenues for smart remote-control businesses.
The manufacturers of the industry are likely to find the most opportunities in the Asia Pacific region.