The global home entertainment devices market size is expected to reach USD 345.2 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 6.3% over the forecast period. Consumer preference for systems such as televisions as a medium for entertainment is expected to be a crucial factor driving the growth of the market during the forecast period.
Home entertainment appliances are economical and hassle-free and offer access to diverse content. Consumers enjoy having the option of watching or listening to the content of their choice in the comfort of their own homes. Moreover, with increasingly hectic lifestyles, these appliances are considered as a medium to connect with friends and family during major events such as sporting events, music festivals, or TV series finales. These factors are hence expected to drive the growth of the market during the forecast period.
Factors such as rising disposable income and features such as high-definition (HD), smart TVs with built-in Wi-Fi for connectivity to Netflix, YouTube, and Amazon Prime among other online streaming channels play a significant role in increasing consumer spending on these devices. With the increasingly wide range of features these systems offer, consumers consider investing in these products as they offer good value for money and last for several years. They also play a role in complementing the ambiance of homes. These factors are expected to drive the demand for home entertainment systems over the forecast period. Video devices accounted for a little more than 80% of the market share in 2018 and this segment is expected to continue to dominate the market over the forecast period. A number of households are inclined toward systems such as television as their prime choice of entertainment, which is likely to boost the product demand in the coming years. Televisions also offer a number of channels as well as relatively newer features such as internet connectivity for streaming videos and downloading movies.
Asia Pacific is expected to hold the leading position in the global market over the forecast period. Increasing household disposable income, coupled with higher spending on household leisure activities, is expected to drive the growth of the Asia Pacific market during the forecast period.
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Home Entertainment Devices Market Report Highlights
• The video devices segment is projected to register the highest CAGR of 6.6% owing to increasing consumer spending on visual entertainment activities
• The online segment is expected to register a CAGR of 8.2% owing to the rise in multi-brand online retailers who offer a range of home entertainment systems from several providers, thereby enabling consumers to compare product features and prices
• Some of the key players operating in the global market are Samsung Electronics Co. Ltd.; Sony Corporation; Panasonic Corporation; LG Electronics Inc.; Mitsubishi Electric Corporation; Koninklijke Philips N.V.; Haier Inc.; Bose Corporation; Sennheiser electronic GmbH & Co. KG; and Microsoft Corporation.
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Home Entertainment Devices Market Segmentation
Grand View Research has segmented the global home entertainment devices market on the basis of device, distribution channel, and region:
Home Entertainment Device Outlook (Revenue, USD Million, 2015 – 2025)
• Audio Devices
• Video Devices
• Gaming Consoles
Home Entertainment Devices Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Home Entertainment Devices Regional Outlook (Revenue, USD Million, 2015 – 2025)
• North America
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
• Saudi Africa
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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