The global home entertainment device market is set to grow at a CAGR of over 6% throughout the 10-year forecasted period between 2019 and 2029, according to a market research report conducted by Fact.MR.
Since the pandemic, people spend more time at home and are more willing to invest in home entertainment. Growing demands for high-quality, innovative, connected, and intelligent entertainment devices in home settings, which has come about with a rise in standard of living, the proliferation of high-net-worth individuals and changes in consumer lifestyles, can all be attributed to the higher growth rates.
Further to this, the frequent development of new but related technologies and innovative products, coupled with a decline in the prices of home entertainment devices, are also being considered as drivers of growth for the global market.
With a CAGR of more than 7%, audio devices are the fastest growing segment in the home entertainment sector. However, video devices continue to hold a substantially larger volume in market share and are expected to continue their dominance through the forecasted period, growing 1.8x and projected to account for 80% of the overall market share.
Offline retail accounts for the majority of the home entertainment devices market share at 72.8% and is expected to display a healthy CAGR of more than 5%, projected to grow 1.7x. However, the online distribution channels for home entertainment devices are expected to display a substantially higher rate of growth.
Dominating the market share is North America, accounting for more than one-fourth of the overall volume of home entertainment devices. However, cumulatively, countries in the APAC region are displaying higher CAGRs owing to growth in urban populations and standards of living and will grow 2.3x during the forecasted period.
DVD players are the most popular home entertainment device with more than 45% of households estimated to have purchased at least one such unit. Other popular devices in the field include Blu-ray players and high-end games consoles.