Home entertainment is an application of technology and arts for private amusement & enjoyment. It has become one of the important parts of today’s lifestyle of people. The proliferation of the digital media and microprocessor has produced an extensive variety of innovative technologies for home entertainment. Digital entertainment systems found in many homes include digital versatile disc (DVD) players for movies and music videos, portable compact disc (CD) players for listening to music, digital cameras, and game consoles. The demand for smart, innovative, connected, and quality devices at home has become a trend owing to growth in standard of living and change in lifestyles. The key benefits are convenient, saves money, and creates perfect atmosphere for individual’s home and many more.
According to study, “Global Home Entertainment Market Size study, by Product (Audio Equipment, Video Devices, Gaming Consoles, Others) and Regional Forecasts 2018-2025” the key companies operating in the global home entertainment market are LG Electronics Inc., Yamaha, Samsung Electronics, Sony Corp., Koninklijke Philips N.V., Bose Corp., Cambridge Audio, Pioneer, Definitive Technology, JBL, Focal Dimension, Atlantic Technology, Harman International, Sennheiser Electronic GmbH & Co. KG, Mitsubishi Electric Corporation, Polk Audio, Denon Electronics, Vizio, Pace, Cisco Systems, JVC Kenwood, Qualcomm Technologies, Microsoft Corp., Panasonic Corp., Apple Inc., Zvox, Sonos, Edifier International, The Home Theater Company, Accent Speaker Technology, Ltd., ACCUSTIC ARTS Audio GmbH, Artison, BenQ, Martin Logan, ATON, Ars Aures Audio, Ayre Acoustics, Inc.
Based on product type, home entertainment market is segmented into video devices, audio equipment and gaming consoles. Video devices include projectors, televisions, digital video recorders (DVR), DVD & blue ray players and streaming devices. Audio equipment include home radios, home theatre in-a-box (HTiB), headphones, audio systems, sound bars and others. Video devices segment holds major share in market owing to growth in customer demand for smart TVs. Based on mode of connectivity, market is segmented into wired devices and wireless devices. Wireless devices segment is expected to witness higher growth rate due to growth in advancements in TV, Internet, and other application technologies during the forecast period. Based on retail, market is segmented into offline retail and online retail. In addition, based on application, market is segmented into commercial, household and others.
The home entertainment market is driven by increase in digitization of electronic goods, followed by decline in prices of entertainment products, rapid innovations in existing products, and increase in tech-savvy urban population in developing countries. However, increase in consumer shift toward mobile platforms and high cost of switching to new technology may impact the market. Moreover, advances in mobile, video and wireless technologies is a key opportunity for market.
Based on geography, the Asian-Pacific region dominates the home entertainment market owing to rise in urbanization and increase in disposable income of the individuals in the region. The North-American and European regions are estimated to witness higher growth rate due increase in levels of standard of living & change in lifestyle preferences over the forecast period. It is projected that future of the market will be bright on account of growth in development of new technology & connected innovative products during the forecast period. It is anticipated that the market will be reached at US $375.1 billion by 2025.
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Ankur Gupta, Head Marketing & Communications