With the emergence and long-term Impact of COVID-19, Global Home Entertainment Devices Market to reach USD 466.07 Billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Home Entertainment Devices Market points towards a potential rise to USD 466.07 Billion by 2030. Home Entertainment Devices are consumer electronics products through which users can watch Movies, listen to music, play games and perform other activities. These home entertainment devices consist of television sets, video players, gaming devices and much more. The Home Entertainment Devices market is expanding because of factors such as Rising demand for smart television, introduction of internet enabled home entertainment devices and increased spending on home entertainment devices. However, the shift of consumers to Smartphones and the negative effect of home entertainment tend to hinder market growth.
Geographically, global Home Entertainment Devices market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to changes in lifestyle and urbanization in this region, availability of raw materials and cheap labor in developing nations such as India and China. Moreover, the shift towards entertainment and leisure activities in this region is driving the market growth. Europe is expected to grow significantly over the forecast period, owing to factors such as product accessibility at economical prices and the popularity of devices. Moreover, there is a rise in demand for subscription-based video on demand services and OTT platforms in the region, resulting in market growth.
The global Home Entertainment Devices market is highly competitive owing to the presence of several key players such as Sony Corporation Samsung Electronics Co. Ltd. Panasonic Holdings Corporation Microsoft Corporation LG Electronics Inc. Bose Corporation Koninklijke Philips N.V. Sennheiser electronic GmbH & Co. KG Haier Group Inc. Mitsubishi Electric Corporation, and others.
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Key findings of the study suggest:
- Global Home Entertainment Devices Market is anticipated to grow with a healthy growth rate of more than 6.30% over the forecast period 2023-2030.
- In the Device segment, Audio Devices emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to changes in lifestyle and urbanization in this region, availability of raw materials and cheap labor in developing nations such as India and China. Moreover, the shift towards entertainment and leisure activities in this region is driving the market growth.
- Europe is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
By Device:
- Audio Devices
- Video Devices
- Gaming Consoles
By Distribution Channel:
- Offline
- Online
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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