People now-a-days live modern lifestyles with higher standard of living due to increased disposable income. Also, the use of machines at home or at workplaces makes life of people easier. Home entertainment devices have become one of the important parts of today’s lifestyle of individuals.
A home entertainment device is a set of video and audio components which provides the similar exciting experience of watching a movie inside a cinema theater in the comfort of one’s own living room. The demand for innovative, smart, connected, and quality devices at home has become a trend due to rising standard of living and changing lifestyles. This factor has great impact on the home entertainment devices market. Various types of home entertainment devices are available in the market with a range of features.
The smart connected entertainment devices are popular in urban homes. The market includes a number of consumer electronic products such as television sets, audio equipment, video players & recorders, and gaming devices. A home entertainment system should have good audio output coming from the speakers. Some consumers buy additional audio equipment such as subwoofers and other audio devices for better experience.
The growth of the home entertainment devices market is fueled by factors such as increase in disposable income, increase in population of middle class individuals who can afford various home entertainment devices, increasing levels of standard of living, and changing lifestyle preferences.
Furthermore, development of new technology and connected innovative products, and decline in price of home entertainment products are also acting as growth drivers for the home entertainment devices market. Entertainment products are usually considered to be luxury products, and differ from essential products meeting the daily needs of consumers. People tend to buy luxury products due to rise in disposable income.
Also, the integration of technology and innovation has transformed the entertainment products into smart ones. Smart connected products provide substantial opportunities for better functionality, and reliability than traditional entertainment products. There are some restraining factors for the home entertainment devices market such as consumer shift to alternate platforms such as smartphones, PC gaming, and other gaming platforms.