New York, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Portable Media Player Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06371402/?utm_source=GNW
The global portable media player market is expected to grow from $20.66 billion in 2021 to $22.57 billion in 2022 at a compound annual growth rate (CAGR) of 9.20%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The portable media player market is expected to reach $27.87 billion in 2026 at a compound annual growth rate (CAGR) of 5.42%.
The portable media player market consists of sales of portable media player products by entities (organizations, sole traders, and partnerships) that are used for playing music as audio files, such as MP3.A portable media player refers to a type of portable electronic device that is designed for handling digital media.
The kinds of media files that can be played depending on the device’s capabilities. This device also can store, video, photos, and documents.
The main types of portable media player markets are audio, and video.Audio is the media players market refers to the devices used in multimedia applications such as for playing speech, music, and sound effects.
Audio in the portable media players market refers to the audio or sound component of multimedia.The various Industries are flash-based players, hard drive-based players, Mp3 CD/DVD players, networked audio players, and USB host/memory card audio players.
The various end users are hypermarkets and supermarkets, electronic stores, and online.
North America was the largest region in the portable media player market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the portable media player market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Increasing consumers purchasing power led to a rise in spending on entertainment products and is expected to propel the growth of the portable media player market going forward.An increase in purchasing power is strongly correlated with entertainment products.
Because of the increase in purchasing power, people will buy more entertainment products, including TVs, DVDs, and portable media players.For instance, according to the US Bureau of Economic Analysis, in the United States, consumer spending increased to $13,916 in July 2022 from $13,818 in January 2022.
Furthermore, according to Daily Sabah, a Turkey-based online news media, in June 2020, the pandemic boosted tech and home entertainment sales by more than 20% in the first quarter of 2020, reaching a total of 17.2 billion. Sales have increased by 2.53 billion when compared with the previous year. Therefore, increasing consumers’ purchasing power led to a rise in spending on entertainment products, which is driving the growth of the portable media player market.
Technological advancements are the key trend gaining popularity in the portable media player market.Major companies operating in the market are developing new technologically advanced products such as the M17 portable desktop class music player that uses dual audio channels for an improved experience.
For instance, in January 2022, FiiO, a China-based electronics company introduced the FiiO M17 portable desktop class music player.The device’s unique features are left and right audio channels each containing a desktop-class, 8-channel ES9038PRO flagship digital audio signal (DAC) thereby providing clear audio and improved experience to its users and extremely pure audio reproduction.
The device’s output power is increased by 225% up to 3000mW per channel with a lower output impedance.
In June 2021, Boat, an India-based company manufacturing consumer electronics, acquired Tagg Digital for an undisclosed amount.This deal would enable Boat to expand its product portfolio through the inclusion of the various product of Tagg Digital.
Tagg Digital is an India-based consumer devices company that manufactures audio devices.
The countries covered in the portable media player market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The portable media player market research report is one of a series of new reports that provides portable media player market statistics, including portable media player industry global market size, regional shares, competitors with a portable media player market share, detailed portable media player market segments, market trends and opportunities, and any further data you may need to thrive in the portable media player industry. This portable media player market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06371402/?utm_source=GNW
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