Home Entertainment Devices Market

Rise in digitalization of electronic goods, innovations in existing products, reduced prices of entertainment products drive the growth

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, UNITED STATE, April 9, 2024 /EINPresswire.com/ -- Allied Market Research published a report, titled, "Home Entertainment Devices Market by Type (Audio Equipment, Video Devices, and Gaming Consoles), Mode of Connectivity Type (Wired Devices and Wireless Devices), and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast, 2022–2031." According to the report, the global home entertainment devices industry generated $264.65 billion in 2020, and is estimated to reach $545.14 billion by 2031, witnessing a CAGR of 6.2% from 2022 to 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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Covid-19 Scenario

During the Covid-19 pandemic, the governments of many countries implemented the lockdown measures. This led to surge in demand for home entertainment devices such as projectors, streaming devices, gaming consoles, and headphones. However, the transportation restriction created a supply-demand gap.
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.

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

TABLE OF CONTENT :-
CHAPTER 1:INTRODUCTION

1.1.Report Description
1.2.Key Market Segments
1.3.Key Benefits
1.4.Research Methodology

1.4.1. Primary Research
1.4.2. Secondary Research
1.4.3. Analyst Tools and Models

CHAPTER 2:EXECUTIVE SUMMARY

2.1.CXO Perspective

CHAPTER 3:MARKET LANDSCAPE

3.1.Market Definition and Scope
3.2.Key Findings

3.2.1. Top Investment Pockets
3.2.2. Top Winning Strategies

3.3.Porter's Five Forces Analysis

3.3.1. Bargaining Power of Suppliers
3.3.2. Threat of New Entrants
3.3.3. Threat of Substitutes
3.3.4. Competitive Rivalry
3.3.5. Bargaining Power among Buyers

3.4.Market Share Analysis/Top Player Positioning

3.4.1. Market Share Analysis/Top Player Positioning 2020

3.5.Market Dynamics

3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities

3.6.COVID-19 Impact Analysis
3.7. Value Chain Analysis
3.8.Key Regulation Analysis
3.9.Market Share Analysis
3.10.Competitive Heatmap
3.11.Strategic Overview

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