The home entertainment devices market is projected to grow at a CAGR of around 7% during the forecast period (2020-2026). Home entertainment devices include an extensive range of consumer electronics including gaming consoles, television sets, home theatre, audio equipment, and recorders, among others. Increased consumer spending on entertainment products and growing disposable incomes have ensued demand for home entertainment devices. Further, the rise in digitalization trends in electronic goods and the increasing tech-savvy population have led to the growth of the global home entertainment devices market.

The rapid rise of e-commerce has also played a pivotal role in the rise of the market with most of the companies offering products on e-commerce platforms. The convenience with which consumers can access everything and order anything from e-retailing has certainly given the home entertainment devices industry a significant boost. With the outbreak of COVID-19, most of the individuals are spending their time at home only, which has caused an increase in the demand for home entertainment devices. Increasing adoption of OTT (Over-the-Top) media services such as Netflix, Prime Video, HotStar, and more have caused more individuals to purchase home entertainment devices to enhance their viewing experience. 

Segmental Outlook  

The global home entertainment devices market is segmented on the basis of product and distribution channels. Based on the product type, the market is segmented into audio devices, video devices, and gaming consoles. The video devices segment is expected to hold a significant market share in 2019 registering a rapid growth rate during the forecast period. However, video games are growing mainstream as gamers find pleasure and functional utility in gaming. With increased access, not only the teenagers are gaming to connect socially, but adults are getting indulged as well. With a huge number of product launches and a large number to choose from including PlayStation, Xbox, and Nintendo, among more, gaming consoles are gaining significant traction. Based on the distribution channel, the home entertainment devices market is bifurcated into in-store and online. 

Online Platforms Expected to Witness Strong Growth Rate 

The offline distribution channels remain the primary source of sales, however, the online platform has been witnessing record-breaking growth in the last few years. With e-commerce space offering several advantages such as extensive availability and convenient return policies, more and more customers are inclined towards online platforms. Online shopping not only saves time but is more convenient in general as it allows consumers to compare the products and avail significant deals and discounts.

Global Home Entertainment Devices Market by Distribution Channel, 2019 (%)

Regional Outlook 

The global home entertainment devices market is further segmented on the basis of geography including North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific region is anticipated to be leading the market share in terms of value and expected to stay on top during the forecast period. Rising penetration of the internet in developing nations and increasing spending power of consumers have led to tremendous growth in the market in the region. India is expected to record the fastest growth rate and China is expected to lead the market share during the forecast period. North America is estimated to be following the Asia Pacific with the second largest value share. The presence of electronic goods giants such as Apple Inc. and Microsoft Corporation, among more makes it easier for the domestic population to get the devices.

Global Home Entertainment Devices Market Growth, by Region 2020-2026

Market Players Outlook

The key players of the home entertainment devices market include Apple Inc., LG Electronics, Inc., Panasonic Corp., Samsung Electronics Co. Ltd., and Sony Corp., among other. The companies have adopted comprehensive strategies including acquisitions, collaborations, and product launches. For instance, in 2019, Samsung has collaborated with Apple in order to add Apple TV app in all of its 2019 Samsung Smart TVs and select 2018 TV models, as well as offering support for AirPlay 2 in more than 100 countries. Besides, due to the rapid increase in the volume of transactions through electronic commerce, more and more companies are entering and offering their products through e-retail space. E-commerce is expected to change entertainment industry structures in a fundamental way. 

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global home entertainment devices market. Based on the availability of data, information related to the products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.