Home Entertainment Devices Market Segments: by Distribution Channel (Offline and online); by Device Type (Audio Devices, Video Devices, And Gaming Consoles) and Region - Global Analysis of Market Size, Share & Trends for 2019 - 2020 and Forecasts to 2030
Home entertainment devices include household or individual equipment and services. There are several consumer electronic products such as TV sets, video players & recorders, audio equipment, and gaming devices on the smart home industry. Consumers find home entertainment equipment attractive as it provides cost-effective, stress-free entertainment and privacy at home. Consumer research, information, and price sensitivity in products and services are considerably increasing. They, therefore, choose housekeeping devices with a good value for money.
Global Home Entertainment Devices Market to surpass USD XXXX million by 2030 from USD XXXX million in 2020 at a CAGR of 6.7% in the coming years, i.e., 2021-30. The market growth for entertainment goods is witnessing considerable growth as electronics are digitalized, existing products are rapidly being innovated, entertainment prices are declining and urban experts in developing countries are increasing. Increasing numbers of middle-class people, who can purchase various home entertainment devices, raising standards of living and shifting lifestyle preferences, drive growth on the home entertainment markets. Moreover, the growth drivers for the home entertainment device market are the development of new practices and modern connected products and the fall in the price of home entertainment products.
Global Home Entertainment Devices Market is segmented by Device Type into audio devices, video devices, and gaming consoles. In 2020, the video device sector held the largest market share and, owing to consumer preferences for visual entertainment, and is anticipated to record a considerable growth rate over the forecast period. However, the forecast is projected to record remarkable CAGRs by audio devices and gaming consoles. The demand of these devices over the projected timeline is expected to drive increasing preference for audio equipment like home theatre, soundbars, and speakers, for better sound quality for events such as social reunions.
Global Home Entertainment Devices Market is divided by Distribution channel into Offline and online. The offline segment represented the largest market share in 2020, with a pattern that over the projected timeline will continue. People tend to purchase home entertainment equipment from retail stores or specialty stores to see, touch, and test equipment prior to purchasing it. Consumers are more assured of product technology and functionality through physical interactions with the apparatus.
Increasing numbers of middle-class people, who can purchase various home entertainment devices, raising standards of living and shifting lifestyle preferences, drive growth on the home entertainment markets. Moreover, the growth drivers for the home entertainment device market are the development of new practices and modern connected products and the fall in the price of home entertainment products.
Technology integration and innovation have made entertainment products smart. Iot connected devices offer significant options to improve functionality and reliability in comparison with traditional entertainment products. There are some constrictive factors to the market for home entertainment equipment like the shift to other platforms like smartphones, PC games, and other gaming platforms.
The growing market growth for these products is, however, mitigated by the growing shift to mobile platforms and consumer concerns due to the adverse health effects of audio and wireless equipment.
Samsung Electronics Co. Ltd.
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Global Home Entertainment Devices Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. During the projected timeline, Europe ought to have the highest share in the total market for Home Entertainment Devices. The beneficial effect on regional market development is projected to be factors such as increased disposable incomes and products available at economic prices. Moreover, the growing use of IoT-connected devices and an increased demand is anticipated to push product demand in Europe for products which offer comfort and convenience. In Germany, a growing demand for SVOD systems in the region is anticipated to boost the European market over the projected period.
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