NEW YORK, May 12, 2021 /PRNewswire/ -- The global remotes market by application (TVs, set-top boxes, and gaming consoles), type (standard, motion-controlled, and voice-controlled), and geographic landscape (APAC, Europe, MEA, North America, and South America) has been added to Technavio's offering. The global remotes market is expected to grow by USD 57.38 million units, at a CAGR of almost 2% during 2020-2024.
The market is witnessing an increase in the adoption of STBs as many cable service providers are moving from analog to digital broadcasting as a part of Digital Migration. Besides, improving economic conditions and rising disposable incomes of people, especially in emerging economies is increasing consumer spend on various electronic devices. These factors will support the growth of the global remotes market during the forecast period.
The market is expected to be driven by factors such as the increase in the sales of smart TVs and the rising penetration of DTH connections.
Remotes Market: Opportunities The growing popularity of OTT services has been increasing the adoption of smart and HD TVs across the world. In addition, the rising competition between gaming console manufacturers is leading to an increase in the number of new product launches. Moreover, the increasing production of 4K movies has led to an increase in the adoption of UHD TVs. All these factors are expected to create significant opportunities for market vendors during the forecast period.
Remotes Market: Segmentation by Application Based on the segmentation by application, the market generated maximum revenue in the TVs segment in 2019. The segment is driven by the increasing demand for TVs. In addition, increased spending capability of the population, rise in per capita disposable income, the decline in TV subscription costs, and the introduction of low-cost per view channels are expected to fuel the growth of the segment during the forecast period.
Remotes Market: Segmentation by Geography APAC held the largest market share in 2019 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the presence of a large number of consumer electronics manufacturers in the region. In addition, the rising number of households with TVs, decreasing TV subscription charges, and the decreasing prices of set-top boxes are expected to contribute to the growth of the remotes market in APAC during the forecast period.
One of the fortune 500 companies had used the detailed research report on the remotes market and had decided to increase their market share in the APAC region which offers the highest market opportunities during the forecast period.
Set-top boxes - Market size and forecast 2019-2024
Gaming consoles - Market size and forecast 2019-2024
Market opportunity by Application
Market Segmentation by Type
Comparison by Type
Standard - Market size and forecast 2019-2024
Motion controlled - Market size and forecast 2019-2024
Voice controlled - Market size and forecast 2019-2024
Market opportunity by Type
APAC - Market size and forecast 2019-2024
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Drivers, Challenges, and Trends
Market positioning of vendors
General Electric Co.
Koninklijke Philips NV
LG Electronics Inc.
Logitech International SA
Remote Solution Co. Ltd.
Robert Bosch GmbH
Universal Electronics Inc.
VOXX International Corp.
Scope of the report
Currency conversion rates for US$
List of abbreviations
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