DUBLIN, May 18, 2022–(BUSINESS WIRE)–The “Home Entertainment Devices Market by Type, Mode of Connectivity Type, 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 $264,655.3 million in 2020 and is projected to reach $545,147.9 million by 2031, registering a CAGR of 6.2% from 2022 to 2031.
The COVID-19 pandemic situation had a negative as well as a positive impact on the home entertainment devices market demand. The supply chain caused a negative impact on the market while ‘stay at home’ regulations caused a positive impact on the home entertainment devices 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 gaming consoles. The audio devices segment is further segmented into home theatre in-a-box (HTiB), audio systems, home radios, sound bars, headphones, and others. The video devices segment is further categorized into televisions, blue-ray & DVD players, projectors, DVRs, and streaming devices.
In 2020, the video devices segment dominated the market, accounting for $218,509.4 million and was majorly dominated by the television segment. The global market for televisions was valued at $152,136.2 million in 2020. The television market is expected to grow at a CAGR of 5.7% and is expected to reach $297,848.7 million by 2031.
On the basis of mode of connectivity, the market for home entertainment systems is segmented into wireless devices and wired devices. Wireless home theatre or entertainment system refers to a setup that simply has a set of wireless surround sound speakers to a system that incorporates wireless home networking. These devices also have inbuilt LAN device that allows users to access the Internet and provide the benefits of networking in a cable-free environment. The connectivity segment was dominated by the wired devices segment and accounted for $182,787.6 million in 2020. The wireless devices segment is expected to grow at a higher CAGR of 8.1% and reach $204,529.5 million by 2031. The wireless devices segment is being driven by advancements in the internet, TV, and other application technologies.
On the basis of distribution channel, the market is bifurcated into online and offline. The offline segment dominated the home entertainment devices market with highest home entertainment devices market share in 2020. Consumers prefer to buy home entertainment gadgets from retail stores or specialist outlets because they can view, touch, and test devices before purchasing it.
Region wise, the market is segmented into four major regions, which include 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 disposable and growing techno-savvy urban population from major countries of China and India largely drive the Asia-Pacific market, which is estimated to grow at a CAGR of 6.8% during the home entertainment devices market forecast.
Porter’s five forces analysis helps to understand the competitive structure of the market along with suppliers and buyers’ role. The analysis concludes that the degree of competition is very high in the market. The value chain analysis gives a clear picture of the service structure with value addition by the suppliers provided at each stage. The top investment pockets exhibit the home entertainment devices market opportunities for market participants with current and future conditions of the market.
The key market players of home entertainment devices are focusing their efforts on providing connected home entertainment equipment and tools such as smart speakers and home assistance, to improve the overall entertainment experience. Through voice control automation, home entertainment devices improve the entire auditory experience of movies and television shows. During the forecast period, such product advancements are expected to continue to fuel the home entertainment devices market expansion.
Key Findings Of Study
By region, Asia-Pacific was the highest revenue contributor, accounting for $78,338.0 million in 2020, and is estimated to reach $172,266.7 million by 2031, with a CAGR of 68%
By type, the video devices segment was the highest revenue contributor to the market, with $218,509.4 million in 2020, and is estimated to reach $457,524.9 million by 2031, with a CAGR of 64%
By mode of connectivity type, the wired devices segment was the highest revenue contributor to the market, with $182,787.6 million in 2020, and is estimated to reach $340,618.4 million by 2031, with a CAGR of 52%
By distribution channel, the offline segment was the highest revenue contributor to the market, with $141,784.7 million in 2020, and is estimated to reach $269,595.9 million by 2031, with a CAGR of 54%
For more information about this report visit https://www.researchandmarkets.com/r/5kp44b
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