Home Entertainment - Gambia | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$150.9k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.44%, resulting in a projected market volume of US$259.5k by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 8.9k users by 2029.
Household penetration will be 1.1% in 2024 and is expected to hit 2.0% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$32.76.

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 Gambia has been experiencing significant growth in recent years, driven by changing customer preferences and the availability of new technologies. Customer preferences in the Home Entertainment market in Gambia have shifted towards more immersive and interactive experiences.

Consumers are increasingly seeking out products and services that allow them to enjoy high-quality audio and visual content in the comfort of their own homes. This has led to a rise in demand for home theater systems, smart TVs, and streaming services. Additionally, there is a growing interest in gaming, with many consumers investing in gaming consoles and accessories.

Trends in the market reflect the global shift towards digital entertainment. Streaming services have become increasingly popular in Gambia, with consumers opting for platforms that offer a wide range of content at affordable prices. This has led to a decline in traditional cable and satellite TV subscriptions.

Additionally, the rise of smartphones and tablets has fueled the demand for mobile entertainment, with consumers using their devices to stream videos and play games on the go. Local special circumstances in Gambia have also contributed to the growth of the Home Entertainment market. The country has a young population that is increasingly tech-savvy and eager to adopt new technologies.

Additionally, the government has been investing in infrastructure development, including the expansion of internet connectivity, which has made it easier for consumers to access and enjoy digital entertainment. Underlying macroeconomic factors have also played a role in the development of the Home Entertainment market in Gambia. The country's economy has been growing steadily, leading to an increase in disposable income and consumer spending.

This has allowed more people to afford home entertainment products and services. Additionally, the government has implemented policies to promote entrepreneurship and innovation, which has created opportunities for local businesses to thrive in the market. Overall, the Home Entertainment market in Gambia is experiencing growth due to changing customer preferences, the availability of new technologies, local special circumstances, and underlying macroeconomic factors.

As consumers continue to seek out immersive and interactive entertainment experiences, the market is expected to further expand in the coming years.

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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