Home Entertainment - Iraq | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$4.5m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 11.33%, resulting in a projected market volume of US$7.7m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 242.8k users by 2029.
Household penetration will be 2.0% in 2024 and is expected to hit 3.4% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$35.90.

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

Consumers are increasingly seeking out high-quality audio and visual equipment, such as large-screen televisions, surround sound systems, and gaming consoles. This trend is driven by the desire for a more immersive entertainment experience at home, as well as the increasing availability of high-definition content. Additionally, there is a growing demand for smart home entertainment systems that can be controlled through mobile devices, allowing for greater convenience and flexibility.

Trends in the market include the rising popularity of streaming services and online content consumption. With the increasing availability of high-speed internet connections, consumers in Iraq are turning to streaming platforms for their entertainment needs. This trend is fueled by the convenience and affordability of streaming services, as well as the wide range of content options available.

As a result, traditional forms of home entertainment, such as physical media like DVDs and Blu-rays, are experiencing a decline in popularity. Another trend in the Home Entertainment market in Iraq is the growing interest in gaming. Video gaming has become a popular form of entertainment among both children and adults, leading to an increased demand for gaming consoles, accessories, and software.

This trend is driven by the growing accessibility of gaming platforms and the increasing number of high-quality games available in the market. Local special circumstances in Iraq, such as the improving security situation and the growing middle class, have also contributed to the development of the Home Entertainment market. As stability improves and disposable incomes rise, more Iraqis are able to afford home entertainment products and services.

This has led to an increase in consumer spending on home entertainment, driving market growth. Underlying macroeconomic factors, such as GDP growth and urbanization, also play a role in the development of the Home Entertainment market in Iraq. As the economy grows and more people move to urban areas, the demand for home entertainment products and services is expected to continue to rise.

Additionally, technological advancements and the increasing availability of affordable consumer electronics are making home entertainment more accessible to a wider range of consumers. Overall, the Home Entertainment market in Iraq is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers seek more immersive and interactive entertainment experiences, the market is responding with a wide range of products and services to meet their needs.

With the continued development of the economy and improvements in technology, the Home Entertainment market in Iraq is expected to continue to grow 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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