Increasing need for aesthetic design of appliances to complement the ambiance in homes is a key factor driving market revenue growth.
Market Size – USD 281.41 Billion in 2021, Market Growth – at a CAGR of 6.8%, Market Trends – Rising disposable income and changing lifestyle.
The global home entertainment devices market size is expected to reach USD 507.28 Billion in 2030 and register a revenue CAGR of 6.8% during the forecast period, according to a latest report by Reports and Data. Increasing need for aesthetic design of appliances to complement the ambiance in homes is a key factor expected to drive market revenue growth during the forecast period. In addition, rising disposable income, changing lifestyle, and increase in disposable income have led to increased spending on leisure accessories and devices, which is expected to increase demand for home entertainment devices. Moreover, increasing penetration of internet has resulted in rising demand for connected devices with a rise in on-demand services such as Netflix, Amazon Prime Video, Disney+, Hulu, Hotstar, and Apple TV, among others. These services are influencing viewers to watch content on their mobile devices and connected devices are enabling users to connect their mobile devices to TV screens for an enhanced viewing experience, which is expected to increase demand for home entertainment devices over the forecast period. Furthermore, increasing investments in smart homes, rapid innovations, and increasing R&D expenditure by manufacturers with new innovative applications are expected to drive industry growth over the forecast period.
COVID-19 pandemic had a wide-ranging impact on the home entertainment devices industry due to travel restrictions imposed by governments of various countries, that directly affected production and demand, by creating supply chain and market disruption. In addition, stringent lockdown also affected device manufacturing processes due to lack of skilled workforce and unavailability of electronic components. This has had a negative impact on the economy of many home entertainment manufacturers, resulting in huge financial impact. Hence, due to lockdown measures, there was an increasing demand for home entertainment devices. However, transportation restrictions created a supply-demand gap hampering market revenue growth.
Companies profiled in the global market report include
Samsung Electronics Co., Ltd., Sony Group Corporation, Panasonic Corporation, LG Electronics, Inc., Mitsubishi Electric Corporation, Koninklijke Philips N.V., Haier Group Corporation, JBL, Inc., Bose Corporation, and Sennheiser Electronic GmbH & Co. KG.
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Some Key Highlights in the Report
For the purpose of this report, reports and data has segmented the global home entertainment devices market on the basis of device type, connectivity type, distribution channel, and region:
Device Type Outlook (Revenue, USD Billion; 2019-2030)
Connectivity Type Outlook (Revenue, USD Billion; 2019-2030)
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
Regional Outlook (Revenue, USD Billion; 2019-2030)
Key Advantages of Home Entertainment Devices Report:
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