According to Fact.MR, the global home entertainment device market is set to grow at a CAGR of over 6% through the forecast period of 2019-2029. The research house attributes the growth to a growing demand for connected and intelligent entertainment devices in home settings.
The rapid development of new but related technologies and products, coupled with a decline in the prices of home entertainment devices, are also driving growth.
Among the findings:
- While audio devices are the fastest growing segment in home entertainment devices, with a CAGR of more than 7%, video devices continue to hold a substantially larger volume in market share and are expected to continue their dominance through the forecast period, growing 1.8X.
- Offline retail accounts for the majority of the home entertainment devices market share at 72.8% and is expected to display a CAGR of more than 5%, projected to grow 1.7X. However, online distribution channels for home entertainment devices are expected to display a substantially higher rate of growth.
- North America dominates the market share, accounting for more than one fourth of the overall volume of home entertainment devices. However, cumulatively, countries in the Asia Pacific region are displaying higher CAGRs owing to growth in urban populations and standards of living and are expected to grow 2.3X during the forecast period.
- DVD players are the most popular home entertainment devices with more than 45% of households estimated to have purchased at least one such unit. Other popular devices in the field include Blu-ray players, and high-end gaming consoles.
"Increasingly large amounts of high-quality and varied content with new technology, and the impact of new technology-related regulations, will positively influence the market growth," said the report analyst.