The global home entertainment devices market is projected to display a healthy CAGR of 6% during the forecast period (2019-2029), according to the latest intelligence report compiled by Fact.MR. Key players active in the home entertainment devices market are bolstering their investments in new product launches and strategic partnerships to gain a distinct competitive edge.
“Growing amount of high-quality and varied content and strong focus on customer-centric transformation will positively influence growth of the home entertainment devices market,” says the Fact.MR report.
Video devices will continue to hold a larger volume share, while audio devices are set to display a higher CAGR through 2029. Offline retail continues to play a major role in distribution of home entertainment devices, accounting for 72% of total sales.
North America’s market maintains its lead, accounting a fourth of the global value, while Asia Pacific is expected to record a higher CAGR. Advent of smart connectivity technology is creating opportunities for development of novel home entertainment devices.
Key Driving Factors
Rising levels of disposable incomes and expenditure on entertainment products remains a key growth driver. Rapid advancements of new technologies increase the scope of new product options in the marketplace. High level of competition in the home entertainment devices market is resulting in a substantial drop in product prices and a rise in sales.
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Recent increase in the adoption of smartphones and tablets has significantly impacted the demand for home entertainment products. Mobile television services are garnering significant traction which are adversely affecting sales figures of televisions. High cost of entertainment services is adding to reluctance of consumers, especially the younger demographic.
The global home entertainment devices market is moderately consolidated. Major manufacturers are pushing for new product launches, acquisition of smaller competitors, and collaborations with tech developers to bolster their position in the global market. Key players in the industry include, but are not limited to Microsoft Corporation, Samsung Electronics Co. Ltd., Haier Inc., Panasonic Corporation, Koninklijke Philips N.V., Sony Corporation, Bose Corporation, LG Electronics Inc., and Sennheiser Electronic GmbH & Co. KG.
About the Report
This 250-page study provides detailed forecast data on the home entertainment devices market. Key categories covered in the report include product type (audio devices, video devices, and gaming consoles), distribution channel (offline and online), and 25+ countries in key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa)