Home Entertainment Devices Market Size Worth $411.89 Billion by 2032 – Introduction of Smart Technologies Will Offer Lucrative Opportunities

The global home entertainment devices market size is anticipated to grow from USD 230 billion to USD 411.89 billion in 10 years. The market will experience rapid growth during the forecast period due to the introduction of smart home entertainment devices. Key market players in manufacturing and innovating home entertainment devices in Japan, China and South Korea will drive the market's growth and development.

Newark, Dec. 05, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 230 billion in 2022 global home entertainment devices market will reach USD 411.89 billion in 2032. A device is a piece of machinery designed to perform a certain duty or purpose. An entertainment device can view or play media, including films, music, and games. Entertainment devices include game consoles, laptops, tablets, cellphones, TVs, and streaming devices. Most entertainment systems aim to maximise the use of your audio and visual equipment, such as surround sound, home theatres, and built-in speaker systems. Because of their convenience, home entertainment gadgets have become more popular due to technological improvements. These devices are designed to be used in households. All media devices, including TV speakers, lighting, and other audio equipment, may be easily monitored and controlled with the help of these devices. In addition, an increasing number of people are gaming on personal computers with Internet connections. Video games become more immersive when they have crisp, lifelike graphics and real surround sound.

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Key Insight of the Global Home Entertainment Devices Market

Asia Pacific will dominate the market during the forecast period.

The increasing disposable income and the growing population drive the demand for home entertainment devices. The growing number of technologically aware urbanites also drives up demand for smart home entertainment systems. The growth and development of the market will also be fueled by major manufacturers and innovators of home entertainment equipment in South Korea, China, and Japan.

In 2022, the video devices segment dominated the market with the largest market share of 47% and market revenue of 108.10 billion.

The type segment is divided into audio equipment, video devices, gaming consoles and others. In 2022, the video devices segment dominated the market with the largest market share of 47% and market revenue of 108.10 billion.

In 2022, the wireless devices segment dominated the market with the largest market share of 57% and market revenue of 131.10 billion.

The mode of connectivity segment is divided into wired devices and wireless devices. In 2022, the wireless devices segment dominated the market with the largest market share of 57% and market revenue of 131.10 billion.

In 2022, the offline segment dominated the market with the largest market share of 55% and market revenue of 126.50 billion.

The distribution channel segment is divided into offline and online. In 2022, the offline segment dominated the market with the largest market share of 55% and market revenue of 126.50 billion.

Advancement in market

A strategic partnership has been announced to bring high-fidelity audio products to Pay-TV customers by THX Ltd., a world-class high-fidelity audio and video tuning, certification, and technology company, and SEI Robotics, one of Google and Netflix's Tier 1 Android TV ODM Partners and the key OEM partner of Homatics providing hardware development and integration. Anticipated for release in spring, these cutting-edge Homatics audio products—which will be Tuned by THXTM—will enhance the conventional set-top-box hardware and provide Pay-TV customers with an adaptable way to enhance their entertainment in the living room.

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Market Dynamics

Driver: the population's rising disposable income.

The population's growing disposable income due to fast urbanisation, industrialization, and improved living standards has increased demand for electrical and electronic products that make life easier for users. Consumers can now spend more time engaging in entertainment and leisure activities due to the importance of work-life balance and the rise in leisure time brought about by laws, social well-being, and awareness of mental health issues. As a result, the growing disposable income of consumers will fuel the demand for home entertainment equipment.

Restraints: Data security and privacy issues.

Smart technologies frequently ask for access to personal data and apps to track users' movements and assess their tastes and preferences. These app permissions are misleading and could expose sensitive consumer data, which could be harmful. Concerns about data security and privacy are becoming more prevalent, as seen by the rising number of incidences of data theft and dark patterns that target customers. As a result, worries about data security and privacy will impede industry expansion.

Opportunities: The Arrival of Intelligent Home Entertainment Devices.

Developments in technology have made it possible for industry participants to create and produce smart home entertainment systems. These devices can propose or offer songs, music, light settings, films, and other content for particular moods, customer tastes, and preferences based on the analysis of past data. These devices provide a wide range of options, features, and functions and can be accessed remotely, which increases customer satisfaction. As a result, during the projected period, technical breakthroughs and the adoption of smart technologies will present profitable prospects for market participants.

Challenges: The markets are flooded with fake and counterfeit products.

Branded and quality home entertainment devices are high in retail costs. However, the market is also flooded with fake, counterfeit, low-quality products preferred by most consumers given their low prices. These products restrict the market's growth and will challenge market expansion in the future.

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Some of the major players operating in the global home entertainment devices market are:

• Apple Inc.
• Bose Corporation
• Koninklijke Philips N.V.
• LG Electronics Inc.
• Microsoft
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Samsung
• Sennheiser Electronic GmbH & Co. KG
• Sony Corporation

Key Segments covered in the market:

By Type

• Audio Equipment
• Video Devices
• Gaming Consoles
• Others

By Mode of Connectivity

• Wired Devices
• Wireless Devices

By Distribution Channel

• Offline
• Online

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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