According to a report, “Home Entertainment Devices Market Size, Share & Trends Analysis Report By Device (Audio, Video, Gaming Consoles), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc.,The global home entertainment devices market is anticipated to register a CAGR of 6.3% during the forecast period. Smartphones have increasingly normalized the concept of vertical videos over the past decade. Advancements made in digital technology is strengthening the future of the market.
In September 2020, an internationally renowned maker of display technology devices called BenQ, announces the launch of their new Full HD Home Entertainment projector in India- BenQ TH585. This new product from caters t all kinds of in-come cinema needs, including real life-like color accuracy for movies, great performance in high brightness rooms, demand for set-up in different rooms, and internet connectivity with different entertainment devices. Also, in September 2020, Samsung Electronics announced its latest advancements in wearables, audio, mobile, TV, and home appliances equipped with virtual experience tag lined as ‘Life Unstoppable’ to demonstrate how the 2020 line-up is anticipated to enhance present-day connected lifestyles. With the ‘Life Unstoppable’ Samsung continues to push the boundaries of how technology can innovate home entertainment. Brand-new additions to the Galaxy portfolio with A42 5G, Galaxy Fit2, Tab A7, and Galaxy Z Fold2 and Samsung monitor Odyssey G5 continues to pioneer the entertainment experience.
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The COVID-19 crisis and lockdown have fueled spending on digital devices across the globe as consumers spent more time at home as a result of the prolonged lockdown situation. Game consoles, smart speakers, laptops, and eReaders witnessed the highest uptick in usage and has augmented ownership of a wide variety of technologies.
Further findings from the report suggest:
- On the basis of the distribution channel, the offline segment held the largest revenue share in 2019 owing to the rising purchasing power of consumers. Both retail stores and specialty outlets have benefitted from the changing market scenario.
- Based on device, the market has been segmented into video devices, audio devices, and gaming consoles. In 2019 the video devices segment accounted for a major share of revenue, which can be attributed to consumer preference for graphic entertainment.
- Samsung Electronics Co. Ltd.
- Panasonic Corporation
- Sony Corporation
- LG Electronics Inc.
- Mitsubishi Electric Corporation
- Sennheiser electronic GmbH & Co. KG
- Bose Corporation
- Koninklijke Philips N.V.
- Haier Inc.
- Microsoft Corporation
On the basis of device, the home entertainment devices market has been segmented into audio devices, video devices, and gaming consoles. The video devices segment dominated the market in 2018 and is also expected to register a significant growth rate over the forecast period owing to consumer preference for visual entertainment. However, audio devices and gaming consoles are projected to register remarkable CAGRs during the forecast period. Increased preference for audio devices such as home theatre systems, sound bars, and speakers for improved sound quality for events such as social gatherings is expected to drive the demand for these appliances over the forecast period. Furthermore, the rising popularity of home gaming consoles among teenagers, particularly products offered by brands such as Xbox, PlayStation, and Nintendo, is expected to drive the growth of the gaming consoles segment in the coming years.
Video devices accounted for a market share of over 80% in 2018 and this segment is expected to continue to dominate the market through 2025. This segment is also expected to register a significant growth rate as video appliances such as televisions continue to be the prime choice of home entertainment for consumers. The advent of smart TVs and the host of features they offer, such as high-definition displays, built-in Wi-Fi, High Definition Multimedia Interface (HDMI) ports, and easy access to apps such as YouTube and Netflix, has also contributed significantly to the growth of the segment.
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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)
Home Entertainment Devices Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Home Entertainment Devices Regional Outlook (Revenue, USD Million, 2015 – 2025)
Central & South America
Middle East & Africa
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Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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