Home Entertainment - Colombia | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$50.4m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.90%, resulting in a projected market volume of US$67.1m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 3.4m users by 2029.
Household penetration will be 9.8% in 2024 and is expected to hit 29.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$45.05.

Definition:

Home Entertainmentmarket comprises the sale of products for multi-room entertainment (e.g., sound systems) as well as connected remote controls and streaming devices (e.g., Amazon Fire TV stick, Google Chromecast).
General, freely programmable buttons and switches (see Control & Connectivity) or light bulbs for different lighting scenarios (see Comfort & Lighting) are not included. Smart TVs are also not considered here because their functions are, in most cases, not directly controlled via the Internet but networking is primarily used for the retrieval of media content.

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Amazon, Google, Harman Kardon, Samsung, Bose, and other brands renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Digitally connected and controlled devices for entertainment purposes
Various multiroom entertainment systems (audio and/or video) with a primary focus on entertainment (e.g., Juke 6& 8, Sonos Era 100 Arc 5.1 Heimkino Set)
Streaming devices (e.g., Amazon Fire TV stick, Google Chromecast)
Entertainment remotes

Classical entertainment devices without smart home connection
Smart TVs and receivers without smart home integration
Smart speakers with a primary focus on Control & Connectivity (Amazon Echo, Google Home etc.)
B2B/C2C sales of any kind (e.g. to hotels or office buildings)

The Home Entertainment market in Colombia is experiencing significant growth and development. Customer preferences are shifting towards a more immersive and interactive entertainment experience, driving the demand for advanced technology and innovative products.

Additionally, local special circumstances and underlying macroeconomic factors are contributing to the expansion of the market. Customer preferences in Colombia are increasingly focused on creating a personalized and high-quality home entertainment experience. Consumers are seeking products that offer superior audio and visual capabilities, such as high-definition televisions and surround sound systems.

This trend is driven by the desire to replicate the cinematic experience in the comfort of their own homes. Furthermore, there is a growing demand for smart home entertainment systems that can be easily integrated with other smart devices, allowing for seamless control and connectivity. Trends in the market indicate a shift towards streaming services and digital content consumption.

With the increasing availability of high-speed internet and the proliferation of smartphones and tablets, consumers are opting for on-demand streaming platforms to access their favorite movies, TV shows, and music. This trend is further fueled by the convenience and affordability of streaming services compared to traditional cable or satellite subscriptions. As a result, there is a growing demand for smart TVs and streaming devices that can support a wide range of streaming platforms.

Local special circumstances in Colombia also contribute to the development of the Home Entertainment market. The country has a vibrant entertainment industry, with a strong focus on music and television production. This creates a demand for home entertainment products that can deliver an immersive audiovisual experience.

Additionally, Colombia has a young and tech-savvy population, which drives the adoption of new technologies and innovative products. Underlying macroeconomic factors also play a role in the growth of the Home Entertainment market in Colombia. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income.

This allows consumers to invest in high-quality home entertainment systems and accessories. Furthermore, the government has implemented policies to promote the development of the technology sector, which has led to the availability of a wide range of innovative and affordable products in the market. In conclusion, the Home Entertainment market in Colombia is developing rapidly due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Consumers are seeking personalized and high-quality entertainment experiences, driving the demand for advanced technology and innovative products. The shift towards streaming services and digital content consumption is also contributing to the growth of the market. Additionally, local special circumstances, such as a vibrant entertainment industry and a young population, further fuel the development of the market.

Overall, the Home Entertainment market in Colombia presents lucrative opportunities for businesses in the industry.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.

After a day spent working or studying, everybody needs to relax: be it watching movies, listening to music, or playing games. Today, consumers can choose from an array of technological products to perform such activities. Known as entertainment devices, they can be defined as devices used for viewing and playing various types of media. As part of the consumer electronics industry, entertainment devices include TVs and streaming devices, smartphones, laptops, tablets, gaming consoles, and extended reality (XR) devices, such as virtual reality headsets.

Home Entertainment - Colombia

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Global Comparison

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Methodology

Consumer

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Key Market Indicators

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Smart home - statistics & facts

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Home Entertainment - Colombia

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Home Entertainment: market data & analysis

Revenue

Product Types

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Analyst Opinion

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Consumer

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Key Market Indicators

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