Press release
Home Entertainment Devices Market Dynamics: Exploring CAGR and USD Impacts on Industry Sectors 2022-2031
Drivers, Restraints, and Opportunities
Rise in digitalization of electronic goods, innovations in existing products, reduced prices of entertainment products drive the growth of the global home entertainment devices market. However, shift toward mobile platforms and consumer worries regarding adverse effects on health from audio equipment and wireless devices restrain the market growth. On the other hand, surge in the tech-savvy urban population in developing countries creates new opportunities in the coming years.
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The distribution activities were affected due to lockdown restrictions. Offline stores were closed; however, delivery activities for orders placed through online channels were stopped during the initial stages of the lockdown. Distribution activities will get back on track post-lockdown.
The video devices segment to continue its lead position during the forecast period
Based on type, the video devices segment accounted for the highest share in 2020, contributing to more than four-fifths of the global home entertainment devices market, and is estimated to continue its lead position during the forecast period. Moreover, this segment is estimated to manifest the largest CAGR of 6.4% from 2022 to 2031. This is due to rise in consumer demand for high-performance home theatre experience and increased household disposable income. The research also analyzes the segments including audio equipment and gaming consoles.
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The offline segment to continue its lead position throughout the forecast period
Based on distribution channel, the offline segment accounted for the largest share in 2020, holding more than half of the global home entertainment devices market, and is projected to continue its lead position throughout the forecast period. This is attributed to ability to test the efficiency and effectiveness of the products. However, the online segment is expected to portray the highest CAGR of 7.0% from 2022 to 2031, owing to large selection of products and simple return policies.
Asia-Pacific, followed by North America, to maintain its dominance in terms of revenue by 2031
Based on region, Asia-Pacific, followed by North America, held the highest market share in 2020, accounting for around one-third of the global home entertainment devices market, and is projected to maintain its dominance in terms of revenue by 2031. Moreover, this region is projected to manifest the fastest CAGR of 6.8% during the forecast period, owing to high population density, rise in household income, and rapidly growing middle-class population that prefers home entertainment devices.
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Leading Market Players
Sony Corporation
Apple Inc.
Panasonic Corporation
LG Electronics Inc.
Samsung
Bose Corporation
Sennheiser Electronic GmbH & Co. KG
Microsoft
Koninklijke Philips N.V.
Mitsubishi Electric Corporation
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