Home Entertainment - Hungary | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$28.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.12%, resulting in a projected market volume of US$34.8m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 314.8k users by 2029.
Household penetration will be 3.6% in 2024 and is expected to hit 7.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$183.80.

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

Consumers are increasingly seeking high-quality audio and visual equipment, such as large-screen televisions, soundbars, and home theater systems, to create a cinema-like experience in their own homes. This preference for immersive entertainment is reflected in the increasing demand for smart TVs and streaming devices, which allow consumers to access a wide range of online content and services. Additionally, there is a growing interest in gaming consoles and virtual reality (VR) devices, as consumers look for new and engaging ways to entertain themselves at home.

Trends in the market also play a significant role in the development of the Home Entertainment market in Hungary. One notable trend is the rise of streaming services. With the increasing availability of high-speed internet and the growing popularity of online content, streaming services such as Netflix, HBO Go, and Amazon Prime Video have gained traction among Hungarian consumers.

This trend has led to a decline in traditional cable and satellite TV subscriptions, as more people opt for on-demand streaming platforms. Furthermore, the COVID-19 pandemic has accelerated the adoption of streaming services, as people spent more time at home and sought entertainment options that could be accessed remotely. Local special circumstances in Hungary have also influenced the Home Entertainment market.

The country has a strong cultural heritage and a vibrant film industry, which has fostered a love for movies and cinematic experiences among the Hungarian population. This cultural affinity for film and entertainment has translated into a higher demand for home theater systems and high-quality audiovisual equipment. Additionally, Hungary has a relatively high disposable income compared to other Eastern European countries, allowing consumers to invest in premium home entertainment products.

Underlying macroeconomic factors have also contributed to the development of the Home Entertainment market in Hungary. The country has experienced steady economic growth in recent years, which has increased consumer purchasing power. This, coupled with low inflation rates and favorable interest rates, has encouraged consumers to invest in home entertainment products.

Furthermore, the government has implemented policies to promote digitalization and technological innovation, which have created a favorable environment for the growth of the Home Entertainment market. In conclusion, the Home Entertainment market in Hungary is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for immersive and interactive home entertainment experiences, the rise of streaming services, the cultural affinity for film and entertainment, and the favorable economic conditions in Hungary 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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