Home Entertainment - Finland | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$35.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.86%, resulting in a projected market volume of US$41.2m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 498.2k users by 2029.
Household penetration will be 8.1% in 2024 and is expected to hit 17.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$155.10.

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 Finland has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Finland have shifted towards more immersive and interactive home entertainment experiences.

Consumers are increasingly seeking high-quality audio and visual systems that provide a cinematic experience within the comfort of their own homes. This has led to a growing demand for large-screen televisions, surround sound systems, and home theater setups. Additionally, there is a strong preference for smart home entertainment devices that offer seamless integration with other smart devices and platforms.

Trends in the market indicate a rise in the popularity of streaming services and online content consumption. Finnish consumers are increasingly opting for digital platforms to access movies, TV shows, and music, which has led to a decline in traditional DVD and CD sales. Streaming services such as Netflix, Spotify, and YouTube have gained significant traction in the Finnish market, offering a wide range of content choices and convenient access.

Local special circumstances, such as the long and dark winters in Finland, have also contributed to the growth of the Home Entertainment market. With limited outdoor activities during the colder months, consumers tend to spend more time indoors and seek entertainment options that can be enjoyed at home. This has further fueled the demand for home entertainment systems and devices.

Underlying macroeconomic factors have also played a role in the development of the Home Entertainment market in Finland. The country's strong economy and high disposable income levels have enabled consumers to invest in premium home entertainment products. Additionally, the growing trend of remote working and the increased time spent at home due to the COVID-19 pandemic have further boosted the demand for home entertainment solutions.

In conclusion, the Home Entertainment market in Finland is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for immersive and interactive home entertainment experiences, the popularity of streaming services, the long winters in Finland, and the country's strong economy have all contributed to the development of the market.

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.

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