Home Entertainment Devices Market Size, Share, Analysis 2031

Report Description

The Global Home Entertainment Devices Market size was valued at USD 287.29 Billion in 2022 and is expected to surpass USD 497.87 Billion by 2031, expanding at a CAGR of 6.3% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing consumer spending on household leisure activities.

Consumers prefer home entertainment appliances that provide hassle-free experience and are economical in nature. Tech-savvy population has increasingly become particular, well-informed, and price-sensitive for products and services. Therefore, there is an increase in the demand for home entertainment devices that offers value for money. According to a report published by techUK, the cost of entertainment is a large barrier for purchasing connected home products. Around 41% consumer consider cost as a key barrier for the purchase of these products.

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A home entertainment device is a set of audio and video components that provides immersive experience while watching movies, music videos, playing games, and listening music. Improving standard of living and changing lifestyle of consumers is boosting the demand for smart, innovative, and value-based devices at home. Smart homes entertainment devices are usually popular in urban homes.

Variety of home entertainment devices are available in the market with an extensive range of features.Home entertainment devices includes consumer electronic products such as television sets, audio equipment, video players & recorders, and gaming devices. Home entertainment devices having superior audio output, which makes it more preferable among consumers. They are also buying additional audio equipment such as subwoofers to enhance their experience.

Home Entertainment Devices Market Drivers, Restraints, Trends, and Opportunities

• Rapid urbanization and growth in the electronics industry is anticipated to propel the market growth.

• Increasing adoption of connected home entertainment devices is anticipated to propel the growth of the market.

• Technological innovation such as advent of artificial intelligence (AI) is expected to spur the market growth during the forecast period.

• Integration of Internet connectivity with these entertainment devices is positively impacting the market growth.

• Rising adoption of smartphones across the globe is expected to hamper the market growth during the forecast period. Consumers are spending a humungous amount of time on their smartphones, which are capable of streaming videos content, news and music. The consumer shift for alternate platforms such as smartphones can restrain the growth of home entertainment devices market.

• The emergence of COVID-19 pandemic has adversely affected the growth of home entertainment devices market. Limited availability of components, restricted labor supply, and supply chain disruptions are the factors that can inhibit the market growth.

• Manufacturers are focusing on customizing designs of these entertainment devices to complement the home design is expected to spur the market growth during the forecast period.

Scope of Home Entertainment Devices Market Report

The report on the global home entertainment devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Home Entertainment Devices Market Segment Insights

Based on devices, the market is segmented into audio, video, and gaming consoles. The video segment is expected to account for a market share of more than 75% during the forecast period. Growing consumer inclination toward visual entertainment is driving the segment growth. Additionally, the emergence of smart TVs and the advanced features they offer such as high-definition (HD) displays, built-in Wi-Fi and high-definition multimedia interface (HDMI) ports is positively impacting the segment growth.

The audio segment is anticipated to expand at a substantial CAGR during the forecast period. Growing consumer preference for audio devices such as home theatre systems, soundbars, and speakers which improves the sound quality for events such as social gatherings is anticipated to spur the demand for home entertainment devices during the forecast period.

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On the basis of distribution channels, the market is segmented into online and offline. The offline segment is anticipated to account for a significant market share during the forecast period. Consumers prefer purchase of home entertainment devices from retail stores as it assures them about product design and quality.

The online segment is expected to expand at a CAGR of around 7.9% during the forecast period. The availability of wide range of products and easy return policies on online platforms are anticipated to drive the segment growth. These platforms allow consumers to compare products and avail deals at discounted rates. Moreover, online shopping saves times and is more convenient as compared to offline shopping. Increasing investment in social media marketing is contributing to the growth of the online segment.

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is expected to account for a large market share during the forecast period. Increasing disposable income, growing internet penetration, and changing consumer lifestyles is fostering the regional market growth. On the other hand, the market in Europe is anticipated to grow at rapid pace owing to the growing adoption of IoT connected devices and availability of home entertainment devices at economical rates.

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