Audio And Video Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030
Major companies in the audio and video equipment market include Samsung Electronics Co Ltd; Sony Corp; LG Electronics Inc; Panasonic Corporation and Bose Corporation. The global audio and video equipment market is expected to grow from $115.
New York, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Audio And Video Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06027713/?utm_source=GNW
2 billion in 2020 to $138.34 billion in 2021 at a compound annual growth rate (CAGR) of 20.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $154.07 billion in 2025 at a CAGR of 3%.
The audio and video equipment market consists of sales of audio and video equipment by entities (organizations, sole traders and partnerships) that manufacture audio and video/video equipment used for home entertainment, musical instrument amplification, motor vehicles, and public address.Audio and video equipment includes televisions, speaker systems, video cassette recorders, stereo equipment, household-type video cameras, jukeboxes, and amplifiers for musical instruments and public address systems.
The audio and video equipment market is segmented into audio equipment and video equipment.
Asia Pacific was the largest region in the global audio and video equipment market, accounting for 32% of the market in 2020.North America was the second largest region accounting for 25% of the global audio and video equipment market.
Africa was the smallest region in the global audio and video equipment market.
The growing demand for curved TVs is being driven by consumer preference for better viewing.A curved screen allow for a more immersive experience, as the curve make viewer fill more of field of view and also provide a wider viewing angle.
For example, in 2018, Samsung, one of the leading television manufacturers introduced Samsung Q7CN 4K TV, a curved display panel features quantum dots for vibrant colors and impressive contrast.
The changes in consumer lifestyles and preferences had a significant impact on the audio and video equipment market.With increasing smartphone and internet penetration and advances in social media and digital technologies, consumers shifted from traditional television to new forms of entertainment such as online audio and video streaming services on mobile phones.
Television viewership continued to decline, especially among the millennials.For example, as of 2017, young people in the UK were watching a third less television through traditional free-to-air channels such as the BBC and ITV than they did in 2010.
In 2016, the decline in TV viewership for young millennials (aged 18-24) in the US was 7.4% year-over-year and 40.1% over 5 years. Changes in consumer preferences restricted the demand for audio and video equipment.
During the historic period, the internet penetration increased rapidly due to increased public and private investments to increase internet connectivity.Many audio and video equipment uses internet to enhance the customer’s experience.
The growth in internet users was also driven by greater access to affordable smartphones. In 2017, the number of internet users was estimated to be 48.6% of the global population, with an exponential growth registered in emerging markets. According to the China Internet Network Information Center (CNNIN), the internet penetration in China increased to 50.3% in 2015 from 42.1% in 2012, with over 688 million netizens. Increased internet penetration increased the demand for connected audio and video devices.
Read the full report: https://www.reportlinker.com/p06027713/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001