Research and Markets’ Home Entertainment Devices Market Report, forecasts that the global market is expected to reach almost $295 billion by 2022, which is good news for those who manufacture and supply components to the CE sector.
Video devices are estimated to be the most dominant product type in the market from 2015 to 2022. Based on region, Asia-Pacific led the market, accounting for around 29.8 per cent share of the global market in 2015.
Home entertainment devices market includes products and systems that are used in domestic or personal context. The market includes several consumer electronic products such as television sets, video players and recorders, audio equipment, and gaming devices. Over the past few years, there is a significant rise in consumer investments in entertainment products mainly owing to the increase in disposable income and development of innovative entertainment solutions from manufacturers.
Factors that drive the market are increase in product bundling by vendors, increase in demand from customers for connected products, growth in consumer disposable income, and decrease in prices of entertainment products. The market growth is also driven by increase in digitization of electronic goods, rapid innovations in existing products and growing tech-savvy urban population in developing countries. However, the market growth for these products is mitigated by increase in consumer shift toward mobile platforms and consumer apprehensions due to adverse effects on health from audio equipment and wireless devices.
Key findings of the Home Entertainment Devices Market:
- In the year 2015, video devices led the overall market revenue, and is projected to grow at a CAGR of 7.1 per cent during the forecast period.
- The gaming consoles market is expected to grow at a significant CAGR of 6.5 per cent. The market growth is due to the innovations in the audio-visual devices. The availability of high end-displays and sound systems has enriched the gaming experience for the users.
- Wireless devices segment is expected to grow at a CAGR of 9.8 per cent.
- Asia-Pacific is the most dominant regional market, accounting for around 29.8 per cent of the global market in 2015.