Sales of Home Entertainment Devices Through Offline Retail Channels to Grow 1.7X by 2029 end
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Further, the frequent development of new, but related technologies and innovative products, coupled with a decline in the prices of home entertainment devices are also being considered as drivers of growth for the worldwide market.
Key Takeaways of Home Entertainment Device Market
• While audio devices are the fastest growing segment in home entertainment devices, with a CAGR of more than 7 %, video devices continue to hold a substantially larger volume in market share and are expected to continue their dominance through the forecast period, growing 1.8X
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• Offline retail accounts for majority of the home entertainment devices market share at 72.8 % and is expected to display a healthy CAGR of more than 5 %, projected to grow 1.7 x. However, the online distribution channels for home entertainment devices is expected to display a substantially higher rate of growth.
• North America dominates the market share accounting for more than one fourth of the overall volume of home entertainment devices. However, cumulatively, countries in the Asia Pacific region are displaying higher CAGRs owing to growth in urban populations and standards of living and will grow 2.3 x during the forecast period.
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• DVD players have come on top as the most popular home entertainment devices with more than 45 % of households estimated to have purchased at least one such unit. Other popular devices in the field include Blu-ray players, and high end gaming consoles.
“Increasingly large amounts of high-quality and varied content with new technology, and the impact of new technology-related regulations will positively influence the market growth.” says the Fact.MR analyst.
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Smart Connectivity Tech Generates Opportunities for Home Entertainment Device Development
Home entertainment devices are largely considered to be luxury commodities, and are set aside from essentials, which consumers require for their daily needs.
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Consequently, the rise in luxury products corresponds to a rise in disposable incomes. In addition, integration of cutting edge connectivity tech has provided home entertainment devices intelligent capabilities. Such smart, connected home entertainment devices generate opportunities in development of superior functionality and reliability.
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