The global portable media player market is projected to expand at a CAGR of 3.9% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing demand for compact devices that have high durability.
A portable media player is an electronic device broadly used to watch videos, store images, and to play songs. Extensive use of these media players is observed since the last decade as large number of population are enticed by sleek design of portable media players. These media players can stores in various file formats, which makes them preferable among consumers.
Technological advancements has led to improvement in product features such as superior audio-video quality, compatibility, and flexible storage capacity. Advanced features such as Wi-Fi, Bluetooth connectivity, and USB enables its compatibility with other devices, thereby increasing the product demand across the globe. Modern cars are adopting portable audio-video players that have high storage capacity and are compatible with smart phones. For instance, Archos 35 vision 8GB, a portable media player, is suitable for long hours of travelling owing to its long battery life and 8GB storage capacity. Furthermore, it is light weight and compact, which makes it preferable to carry while travelling.
Growing use of entertainment products in emerging countries such as India and China is expected to spur the market growth. For instance, Saregama Caravan is a portable media player that have features such as built-in speakers, extended battery life, and above 5000 Hindi songs. These music players are favorable among all age groups owing to the rise in consumer preference to listen to old tunes. In the year 2018, caravan manufacturers announced the sale of 389,000 units.
The report on the portable media player market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|Report Title||Portable Media Player Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast|
|Segmentation||Media Types (Audio and Video), Distribution Channels (Offline and Online)|
|Regional Scope||Asia Pacific, North America, Latin America, Europe, and Middle East & Africa|
|Report Coverage||Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast|
|Key Players Covered||Apple Inc., Samsung, Creative Technology Ltd., SanDisk Corporation, Sony Corporation, Archos, Microsoft Corporation, Koninklijke Philips N.V., Coby Electronics Corporation and Cinepal|
Audio segment accounted for a significant market share.
On the basis of product types, the market is segmented into audio and video. The audio segment accounted for a significant market share owing to rising development in the music recording technology and the increasing demand for music playing devices. Growing consumer inclination toward music listening in leisure time or travelling is anticipated to spur the segment growth.
The video segment is expected to register a CAGR of 4% owing to the growing consumer preference toward video entertainment such as series, movies, and music videos through over-the-top platforms such as Amazon Prime, Disney+, and Netflix.
Offline segment anticipated to account for a considerable market share.
Based on distribution channels, the market is bifurcated into offline and online. The offline segment is anticipated to account for a considerable market share owing to the availability of wide range of products from different manufacturers, and guidance from sales executives to choose required product. Additionally, real-time purchase decisions and free demonstrations are the other benefits of offline stores.
The online segment is expected to witness a substantial CAGR during the forecast period. Increasing population and increasing penetration of smartphone users coupled with the easy access to Internet are expected to spur the market growth. Furthermore, many retailers are offering their product through online distribution channel, which is boosting the segment growth. For instance, Apple, Samsung, and Sony are some of the manufacturers that sell their products through both offline and online channels.
North America estimated to account for a large market share.
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is estimated to account for a large market sharing owing to the early adoption of technology and presence of major industry players. Additionally, rising adoption of smart devices and the growing entertainment and media industry are expected to drive the regional market growth. Moreover, growing consumer preference toward latest technologies has led to the development of advanced products by the manufacturers. In July 2016, nearly 42% households in the US had a portable media player for their homes.
The market in Asia Pacific is anticipated to witness an impressive growth rate owing to the increasing impact of western culture and changing lifestyle of people in countries such as India and China. Moreover, rising disposable income of consumers is expected to spur the product demand in the region.
Segments Covered in the Report
The global portable media player market has been segmented on the basis of
Some of the leading manufacturers in global portable media player market are Apple Inc., Samsung, Creative Technology Ltd., SanDisk Corporation, Sony Corporation, Archos, Microsoft Corporation, Koninklijke Philips N.V., Coby Electronics Corporation and Cinepal.
Key manufacturers are focusing on product innovation to cater the growing requirements of consumers. They are majorly focusing on expanding their product portfolio and are engaging in creative strategies to increase their market share.
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