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Nowadays, people are focusing more on purchasing a device which makes them feel more relaxed and gives the ability to enjoy it in the safety of their homes. Having a home entertainment system that has the ability to make users feel relax and relieve the stress of work helps to drive more demand of the product. Furthermore, due to the increase in the act of terrorism across the globe, it makes more people feel unsafe in public places like movie theatres, malls, gaming parlor, and others and this in turn acts as a fostering factor that fosters development of the market.
Additionally, intense competition between different tech companies for the production of better quality and innovative home entertainment device acts as a great opportunity for the growth of the market.
The increasing growth of the sports industry act as one of the major driving factor for the growth of the market. This is due to sports of all disciplines like football, cricket, basketball, and others have a large number of audiences who are willing to view their live games in the comfort of their homes act as a boosting factor for the growth of the market. Furthermore, helping people to spend more quality time with friends and family is one of the supporting factors for the growth of the market. As people, of all age group, have their own duties and responsibilities to deal with here home entertainment device plays an important role in bringing people together with the use of movie, TV shows, video games, and others. According to Independent UK, the 2018 FIFA World Cup Football has a viewer of around 3.5 billion people.
Additionally, the home entertainment system incorporates IoT technology which can act as a propelling factor for the increasing demand of the product as there is a growing requirement of being able to connect the devices with smartphones.
However, due to the increasing presence of a counterfeit or fake product in the market with lower quality and cheaper price as compared to the original ones act as a restraining factor which hampers for the growth of the market.
Key Market Driver -
The growth of sports industry act as one of the major driving factor for the growth of the market.
Key Market Restraint -
Availability of counterfeit product available in the market act as a restraining factor for the growth of the market.
Some of the major players which are operating in the Home Entertainment Device Market include Haier Inc., Bose Corporation, Panasonic Corporation, Sennheiser electronic GmbH & Co. KG, LG Electronics Inc, Samsung Electronics Co. Ltd, Mitsubishi Electric Corporation, Microsoft Corporation, and others.
The global home entertainment device market is segmented into by product, by connectivity, by distribution channel, and by geography.
On the basis of product, the market is segmented into audio, video, and gaming. Video is anticipated to be the major shareholder and this is due to the availability of a large number of video entertainment productions like movies, music videos, reality shows, and others.
Based on the connectivity, the market is divided into wired and wireless. Wired is estimated to be the larger market shareholder as wireless technology is still not fully adopted by the majority of the global population.
Depending on the distributional channel, the market is classified into E-commerce and Supermarket/Malls. Supermarket/Malls is projected to be the larger segment this is due to the retailer providing their customers with the ability to see, touch and test their products which helps to avoid any products which are fake or in bad condition.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle & East and Africa.
The Asia Pacific is anticipated to be the dominating region and is projected to continue during the forecast period of 2019-2026. The factors which propel the growth of the market in this region are: Due to the growth of electronic manufacturing industries in countries like South Korea, India, China, and Japan. It is resulting in an increase in the production of home entertainment devices at an affordable price which helps to boost more demand for the product. Due to economic growth, there is an increase in per capita income in this region which helps to result in giving more buying power to the consumer and this thus.foster the growth of the market in this region. According to Full Loaded Magazine, Cricket World Cup 2019 had a global audience of about 1.6 billion in live coverage which is an increase of 38% as compared to the 2015 Cricket World Cup, and this act as a flourishing factor for the growth of the market.
North America is projected to show significant growth and the factors which contribute to the growth of the market in this region include the consideration of this region as the world’s powerhouse of entertainment as there are large availability of audio & videos to be consumed. Furthermore, the ability to quickly adopt new technology also acts as a supporting factor for the progress of the market. Moreover, this region has a large number of music artists who have millions of fans and listens across the globe helps to generate more demand for the product in this region. According to Buzz Angle Music, in 2019 On-Demand audio stream consumption was recorded to be 705 billion which is 32% rise from 2018.
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