According to the research report titled ‘Global Home Entertainment Devices Market Size study, by Product Type (Audio equipment, Video devices and Gaming consoles), by Connectivity (Wired devices and Wireless devices) and Regional Forecasts 2020-2027’, available with Market Study Report, global home entertainment devices market is projected to record a considerable growth during 2020-2027.
 

Rising penetration of smartphones and internet based electronic devices is primarily propelling global home entertainment devices market growth.
 

According to Zenith's Mobile Advertising Forecasts 2017, approximately 66% of the population worldwide owned a smartphone in 2018, up from 58% in 2016 and 63% in 2017. As per the Ministry of Industry and Information Technology (MIIT), China is also the largest manufacturer and exporter of consumer electronics (including televisions, mobile phones, laptops, and computers), producing about 80% of these products in 2018.
 

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China manufactured approximately 300 million computers and laptops, 1.8 billion cell phones, and approximately 200 million televisions in 2018. Furthermore, shipments of televisions, computers & laptops, and smartphones produced in China accounted for 20%, 20%, and 27.8% of the global total, respectively, cited the same source.
 

For those unfamiliar, home entertainment devices are consumer electronics or gadgets like video players & recorders, television sets, gaming devices, and audio equipment used in a domestic or personal context.
 

Increasing consumer spending on home entertainment products, and mounting demand for gaming consoles among children are further augmenting worldwide home entertainment devices industry share. According to Statista, user spending on video game content in the United States was USD 17.5 billion in 2010 and increased to USD 35.4 billion in 2019.
 

Citing the restraints, hefty cost of home entertainment devices, and inclination towards other alternatives are likely to hamper the industry remuneration over the study period.
 

Based on geographical terrain, North America presently holds major portion of worldwide home entertainment devices market share, creditable to varying lifestyle of consumers, increasing penetration of internet in developing countries, and growing acceptance of new technology.
 

Key contenders in global home entertainment devices market sphere are Mitsubishi Electric Corporation, Koninklijke Philips N.V., Microsoft Corporation, Sennheiser Electronic GmbH & Co. KG, Bose Corporation, Samsung Electronics Co. Ltd., LG Electronics Inc., Panasonic Corporation, Apple Inc., and Sony Corporation.