57.38 Million Units growth expected in Remotes Market | 1.20% YOY growth in 2020 amid COVID-19 Spread | APAC to Notice Maximum Growth | Technavio
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.
The report also offers information on the upcoming trends and challenges that will influence market growth.
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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.
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Remotes Market: Major Vendors
General Electric Co.
The company offers a wide range of remotes including 218103 VCR Remote, 19GT300 TV Remote, and 11695 4-Device Universal Remote Control.
Koninklijke Philips NV
The company offers Universal remote control for TVs, STBs, and Blu-ray players.
LG Electronics Inc.
The company offers a wide range of products for TV including LG AN-MR19B, Full Function Standard TV Remote Control, and Magic Remote Control with Voice Mate.
Robert Bosch GmbH
The company provides a wide range of products including Bosch 00436461, Bosch 702093, Bosch 156516, and others.
Universal Electronics Inc.
The company offers Callisto 3T2-45, Mars 3T1-40, and Mercury remotes.
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the remotes market report:
- Further breakdown of the market segmentation at requested regions.
Market Player Information
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings.
- Know the strategies adopted by vendors during the COVID-19 Recovery Phase.
Related Reports on Remotes Market:
Global Gaming Console Market – Download our free sample report to learn about major trends impacting the growth of the market over the next five years.
- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- TVs – Market size and forecast 2019-2024
- 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
- Market segments
- 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
- Geographic segmentation
- Geographic comparison
- 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 drivers
- Market challenges
- Market trends
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- General Electric Co.
- Koninklijke Philips NV
- LG Electronics Inc.
- Logitech International SA
- Panasonic Corp.
- Remote Solution Co. Ltd.
- Robert Bosch GmbH
- SMK Corp.
- Universal Electronics Inc.
- VOXX International Corp.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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