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Home Entertainment Device Market is set to Experience a Revolutionary growth by 2029 | StraitsResearch
Home Entertainment Device Market
Rapid technological advancement and new product launches with advanced features are influencing the customers to replace conventional products with the latest home entertainment devices. The rapid expansion of the electronic industries provides an impetus to the market growth; as per the Statista, the global electronic products market is estimated to grow with a CAGR of 5%. Asia-Pacific and North America’s electronic products market are projected to grow with a CAGR of 5%. As per the India Brand Equity Foundation (IBEF) and Invest India, the Indian electronic products market is projected to reach USD 400 billion by 2025, with a CAGR of 17% during the forecast period.
The disposable income in the emerging countries such as India, China, Brazil, South Korea, and Japan has been increasing at a considerable rate, further surging the demand for luxury products such as home entertainment devices. The market’s most prominent driver is that these devices provide economical and hassle-free entertainment at competitive prices.
High Price of Home Entertainment Devices to Hamper the Market Growth, Asia-Pacific has one of the most price-sensitive customers, creating lucrative opportunities for emerging players in the market. As per the study commissioned by ‘The State of the Connected Home’ by Tech UK, around 40% of the customers aged 24–30 consider the high product price of home entertainment products a key barrier. In India, electronics manufacturing companies are actively working to offer quality products at competitive prices. For instance, recently, Xiaomi Corporation launched various home entertainment devices in the Indian market, including television, mobile phones, headphones, audio box, and speakers, and has gained huge popularity in the country. The company offers reliable products with advanced features at economical prices.
However, online retail is expected to witness highest CAGR over the forecast period due to the busier lifestyle of the consumers and convenience associated with the online retailing. In addition, digital technologies and shopping platforms such as Amazon and flipkart has gained the consumers trust, there consumer-friendly policies of easy returns and fast refund has inclined consumers towards online shopping. People are nowadays can order their home entertainment devices sitting at the home, office, and other areas on a single click. All such benefits are responsible for the high growth of online retailing.
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The Major Players Covered in this Report: Sony Corporation, Xiaomi Corporation, Panasonic Corporation, Microsoft Corporation, Apple Inc., LG Electronics Inc., Bose Corporation, Haier Inc., Samsung Electronics Co. Ltd., Koninklijke Philips N.V., Sennheiser Electronic GmbH & Co. KG, ATON, BenQ, Mitsubishi Electric Corporation, Artison, & More...
Home Entertainment Device Market Segmentation-
By Type- Audio Device, Video Device, Gaming Console,
By Connectivity- Wired Device, Wireless Device,
By Distribution Channel- Store-Based Retail, Hypermarkets/Supermarkets, Specialty Store, Online Retail
View this report with a detailed description and TOC @ https://straitsresearch.com/report/home-entertainment-device-market/toc
Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Home Entertainment Device in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Home Entertainment Device market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Home Entertainment Device and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Home Entertainment Device. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.
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The report covers exhaustive analysis on:
Overview of the parent market
Global Home Entertainment Device Market Segments, Dynamics, Market Size, Share, Price, Volume, and Cost
Historical, current and projected market size in terms of volume and value
Global Home Entertainment Device Market Forecast 2021 to 2029
Supply & Demand Value Chain
Global Home Entertainment Device Market dynamics, including the current trends/drivers/threats/restraints/challenges
Potential and niche segments/regions exhibiting promising growth
Market landscape, competition, and leading companies involved
Strategies of leading companies and product offerings
Technological advancements
Key Questions Answered in the Report:
What is the current scenario of the Global Home Entertainment Device market? How is the market going to prosper throughout the forecast period?
What are the emerging technologies and related tools that are going to profit the market?
What is the current size of the Global Home Entertainment Device Market?
Which segments are the fastest growing and the largest in the market? What is their market potential?
What are the driving factors contributing to market growth during the short, medium, and long term?
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Regardless of whether you're looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with what customers purchase. We overcome the issues of our customers by recognizing and deciphering just the target group, while simultaneously generating leads with the highest precision. We seek to collaborate with our customers to deliver a broad spectrum of results through a blend of market and business research approaches. This approach of using various research and analysis strategies enable us to determine greater insights by eliminating the research costs.
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