A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global home entertainment devices market was worth USD 275.7 billion in the year 2021. The Global home entertainment devices marketis projected to grow at a CAGR of 6.4% from 2022-2028 (forecast period), earning revenues of around USD 424.2 billion by the end of 2028. The market is booming owing to the substantial demand for connected devices; Bluetooth technology further accelerates wireless audio device adoption and boosts the global home entertainment device market. Additionally, with rising living standards and much more disposable income, these technologies are becoming essential parts of every family worldwide, which, combined with the increased consumer investment, is driving the global home entertainment devices market.
Rise in Demand for Video Devices Boosting the Growth of Global Home Entertainment Devices Market
Video devices are home entertainment devices that include streaming devices like televisions, DVRs, Blu-ray and DVD players, and projectors. Video devices are expected to account for 80% of the total market share, rising to almost double their current market share by growing at a 1.8x growth rate throughout the projection period. Furthermore, a decrease in the prices of video home entertainment devices is expected to influence sales and growth. Prices have been falling and stagnating for years despite innovations in the sector, owing to the rising competition from manufacturers and reduced manufacturing costs in several Asian countries, including China, Vietnam, and India.
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Inclination of Consumer Preferences towards Mobile Devices to Impact the Demand for Global Home Entertainment Devices Market
The recent rise in smartphone adoption has significantly impacted demand for home entertainment devices such as gaming consoles and televisions. Mobile phones have quickly surpassed television viewership as the most favored video device for users worldwide. Furthermore, the availability of mobile television services on phone devices has slowed the growth of televisions. The home entertainment device sector is also under significant competition from PC, mobile, and other gaming platforms. It is noted in research that consumers are inclined towards these devices over traditional ones as they can multitask on devices like PCs and laptops.
Global Home Entertainment Devices market – By Mode of Connectivity
The market is divided into wireless and wired devices based on the mode of connectivity. Wireless devices can range from a simple set of wireless surround sound speakers to a system that combines wireless home networking. They also have built-in LAN devices that allow users to connect to the Internet and profit from networking in a wire-free environment. The wired devices category led the market in 2021, being propelled by developments in the Internet, television, and other application technologies.
Regional Insights
Asia-Pacific was the largest market in 2021, and this trend is expected to continue during the forecast period. Rising internet penetration in developing countries and changing consumer lifestyles are increasing spending on entertainment devices. China is expected to dominate the Asia-Pacific market, while India continues to profit in terms of growth rate during the forecast period. Europe is expected to be its second-largest market during the forecast period. Factors such as rising disposable income and the availability of products at reasonable prices are likely to boost the regional market’s growth. Also, the increasing use of IoT-connected devices and increasing demand for items that provide comfort and convenience are expected to boost product demand in Europe. Given the growing demand for subscription video-on-demand (SVOD) services in the country, Germany is expected to dominate the European market over the forecast period.
Impact of COVID-19 on Global Home Entertainment Devices Market
The unprecedented global public health emergency known as COVID-19 has had an impact on almost every business, and the long-term effects are anticipated to have an impact on industry growth throughout the course of the projected period. To ensure that key COVID-19 issues and potential future directions are taken into account when estimating future growth, it is necessary to acknowledge that the global home entertainment devices market has been impacted by global restrictions brought on by the pandemic. As restrictions are lifted in the majority of countries where a larger proportion of the population is immunized, it is expected that the global home entertainment devices industry will achieve the projected compound annual growth rate (CAGR) during the forecast period due to the need of consumers to entertain themselves after such a long period of being locked in their homes which will guide consumer behavior towards purchasing entertainment devices for their homes so that they can keep themselves entertained in case of any future restrictions because of Covid-19.
Competitive Landscape
The major market leaders include Xiaomi, Sony Corporation, Apple Inc., Panasonic Corporation, LG Electronics, Samsung Electronics, Bose Corporation, Sennheiser Electronics, Nintendo, Microsoft Corporation, Koninklijke Philips N.V., Mitsubishi Electric Corporation, among other prominent players in the market. Major market competitors use a variety of techniques, including mergers and acquisitions, innovative therapies, and others, to stay competitive and gain an advantage over rivals. The Global Home Entertainment Device Market is consolidated with the presence of several manufacturing companies globally. The market leaders retain their supremacy by spending on research and development(R&D), incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are utilized in order to maintain their market share.
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