Home Entertainment - Greece | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$13.8m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.82%, resulting in a projected market volume of US$17.4m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 515.6k users by 2029.
Household penetration will be 5.6% in 2024 and is expected to hit 13.2% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$62.33.

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 Greece has been experiencing significant growth in recent years, driven by various trends and developments in the industry. Customer preferences in the Greek Home Entertainment market have shifted towards more immersive and interactive experiences.

Consumers are increasingly seeking out high-quality audio and video equipment, such as surround sound systems and large-screen televisions, to enhance their viewing and listening experiences. In addition, there is a growing demand for smart home devices and home automation systems that allow users to control their entertainment systems with ease. This shift in preferences is in line with global trends, as consumers around the world are becoming more tech-savvy and seeking out innovative and convenient solutions for their home entertainment needs.

One of the key trends in the Greek Home Entertainment market is the increasing popularity of streaming services. With the rise of platforms like Netflix and Amazon Prime Video, consumers are moving away from traditional cable and satellite television subscriptions and opting for on-demand streaming services. This trend is driven by the convenience and flexibility offered by streaming services, as consumers can access a wide range of content at any time and on any device.

The availability of high-speed internet connections in Greece has also contributed to the growth of streaming services, as it allows for seamless streaming of high-definition content. Another trend in the Greek Home Entertainment market is the growing adoption of gaming consoles and virtual reality (VR) devices. Gaming has become a popular form of entertainment for people of all ages, and the demand for gaming consoles and accessories has been on the rise.

In addition, the introduction of VR technology has opened up new possibilities for immersive gaming experiences, further driving the demand for gaming devices. This trend is in line with global developments in the gaming industry, as VR technology continues to evolve and become more accessible to consumers. Local special circumstances in Greece have also played a role in the development of the Home Entertainment market.

The economic crisis that the country experienced in recent years has led to a decrease in consumer spending power. As a result, consumers have become more price-conscious and are looking for affordable options when it comes to home entertainment. This has led to the growth of budget-friendly brands and products in the market, as well as the rise of second-hand and refurbished goods.

Underlying macroeconomic factors, such as GDP growth and disposable income levels, have also influenced the development of the Home Entertainment market in Greece. As the economy has started to recover in recent years, consumers have become more willing to spend on non-essential items, including home entertainment products. The increase in disposable income levels has allowed consumers to upgrade their existing home entertainment systems or invest in new technologies.

Overall, the Home Entertainment market in Greece is experiencing growth due to shifting customer preferences, the rise of streaming services, the popularity of gaming consoles and VR devices, local special circumstances, and underlying macroeconomic factors. As technology continues to advance and consumer demands evolve, 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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