DUBLIN–(BUSINESS WIRE)–May 18, 2022–
The “Home Entertainment Devices Market by Type, Connectivity Mode and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022-2031” report has been added to ResearchAndMarkets.com’s offering.
The Global Home Entertainment Devices Market Size was valued at USD 264,655.3 Million in 2020 and is projected to reach USD 545,147.9 Million by 2031, registering a CAGR of 6.2% from 2022 to 2031 .
The situation of the COVID-19 pandemic has had a negative and positive impact on the demand for the home entertainment device market. Supply chain negatively impacted the market, while “stay at home” regulations positively impacted the home entertainment device market.
According to the Home Entertainment Devices market analysis, the market is segmented on the basis of type, mode of connectivity type, distribution channel and region. On the basis of type, the market is segmented into audio devices, video devices and game consoles. The audio devices segment is further segmented into home theater in-a-box (HTiB), audio systems, home radios, soundbars, headphones and others. The video devices segment is further classified into televisions, blue-ray and DVD players, projectors, DVRs and streaming devices.
In 2020, the video devices segment dominated the market, accounting for $218,509.4 million and was mostly dominated by the television segment. The global TV market was valued at $152,136.2 million in 2020. The TV market is expected to grow at a CAGR of 5.7% and is expected to reach $297,848.7 million by 2031.
Based on the mode of connectivity, the home entertainment system market is segmented into wireless devices and wired devices. Wireless home theater or entertainment system refers to a setup that simply includes a set of wireless surround sound speakers to a system that incorporates a wireless home network. These devices also have a built-in LAN device that allows users to access the Internet and provides the benefits of networking in a cable-free environment. Connectivity segment was dominated by wired devices segment and accounted for $182,787.6 million in 2020. Wireless devices segment is expected to grow at a higher CAGR of 8.1% and reach $204,529.5 million by 2031. The wireless device segment is driven by advances in the Internet, television and other application technologies.
Based on the distribution channel, the market is divided into online and offline. The offline segment dominated the home entertainment device market with the highest home entertainment device market share in 2020. Consumers prefer to purchase home entertainment gadgets from retail stores or outlets. specialized sales, because they can see, touch and test the devices before buying them.
Regionally, the market is segmented into four major regions, namely North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa). Asia-Pacific was the most dominant geographic market for home entertainment in 2015.
The growing urban, disposable and tech-savvy population of major countries China and India is largely driving the Asia-Pacific market, which is expected to grow at a CAGR of 6.8% during the forecast for the home entertainment device market.
Porter’s five forces analysis helps in understanding the competitive structure of the market along with the role of suppliers and buyers. The analysis concludes that the degree of competition is very high in the market. The value chain analysis gives a clear picture of the structure of the service with added value by the suppliers provided at each stage. The major investment pockets showcase the Home Entertainment Devices market opportunities for market players with current and future market conditions.
The major players in the home entertainment device market are focusing their efforts on providing connected home entertainment equipment and tools such as smart speakers and home assistance to enhance the experience of overall entertainment. By automating voice control, home entertainment devices improve the overall listening experience of movies and TV shows. During the forecast period, these product advancements are expected to continue fueling the expansion of the home entertainment device market.
Main results of the study
- By region, Asia-Pacific was the largest revenue contributor, accounting for $78,338.0 million in 2020, and is expected to reach $172,266.7 million by 2031, at a CAGR of 68%
- By type, the video device segment was the largest revenue contributor in the market, with $218,509.4 million in 2020, and is expected to reach $457,524.9 million by 2031, with a CAGR of 64 %.
- By mode of connectivity type, the wired device segment was the largest revenue contributor in the market, with $182,787.6 million in 2020, and is expected to reach $340,618.4 million by 2031, with a CAGR of 52%.
- By distribution channel, the offline segment was the largest contributor of market revenue, with $141,784.7 million in 2020, and is expected to reach $269,595.9 million by 2031, with a CAGR of 54%.
- Sony Company
- Apple Inc.
- Panasonic Company
- LG Electronics
- Samsung Electronics
- Bose Company
- Sennheiser Electronics
- Microsoft Corporation
- Koninklijke Philips
- Mitsubishi Electric Corporation.
For more information about this report visit https://www.researchandmarkets.com/r/5kp44b
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220518005609/en/
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INDUSTRY KEYWORD: CONSUMER ELECTRONICS TECHNOLOGY
SOURCE: Research and Markets
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PUBLISHED: 05/18/2022 05:55 AM/DISC: 05/18/2022 05:55 AM