Home Entertainment - Ireland | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$11.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.69%, resulting in a projected market volume of US$12.9m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 188.1k users by 2029.
Household penetration will be 4.8% in 2024 and is expected to hit 9.3% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$122.40.

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 Ireland has been experiencing significant growth in recent years. Customer preferences have shifted towards more immersive and interactive entertainment experiences, driving the demand for advanced technologies such as virtual reality (VR) and augmented reality (AR). Additionally, the increasing popularity of streaming services and the rising adoption of smart devices have also contributed to the growth of the market.

Customer preferences: In Ireland, customers are increasingly seeking out immersive and interactive entertainment experiences. This has led to a growing demand for technologies such as VR and AR, which offer a more engaging and realistic experience. The ability to experience virtual worlds and interact with digital content has become a major draw for consumers, especially in the gaming and entertainment industries. Furthermore, the convenience and flexibility offered by streaming services have also gained popularity among customers, as they can access a wide range of content at any time and from any location.

Trends in the market: One of the key trends in the Home Entertainment market in Ireland is the increasing adoption of smart devices. Smart TVs, smartphones, and tablets have become integral parts of consumers' lives, providing them with easy access to a variety of entertainment options. This trend has been fueled by the availability of high-speed internet connections and the growing number of streaming platforms. As a result, traditional forms of entertainment, such as DVDs and cable TV, have faced declining sales. Another trend in the market is the rise of subscription-based services. Streaming platforms like Netflix, Amazon Prime Video, and Disney+ have gained popularity among consumers, offering a vast library of movies, TV shows, and original content. These services provide customers with convenience and flexibility, as they can access content on-demand and without the need for physical media. This trend has also led to the decline of traditional video rental stores and the rise of digital distribution channels.

Local special circumstances: Ireland has a strong gaming and entertainment culture, which has contributed to the growth of the Home Entertainment market. The country has a thriving gaming industry, with many Irish game developers gaining international recognition. This has created a demand for advanced gaming technologies and immersive experiences, driving the growth of the VR and AR market. Additionally, Ireland has a young and tech-savvy population, which has embraced digital entertainment platforms and devices. The high smartphone penetration rate and the availability of high-speed internet connections have made it easier for consumers to access and consume digital content. This has created a favorable environment for the growth of the Home Entertainment market.

Underlying macroeconomic factors: The growth of the Home Entertainment market in Ireland is also influenced by macroeconomic factors. The country has experienced strong economic growth in recent years, leading to higher disposable incomes and increased consumer spending. This has allowed consumers to invest in new technologies and entertainment experiences, driving the demand for advanced home entertainment systems. Furthermore, the COVID-19 pandemic has also had an impact on the market. With restrictions on social gatherings and entertainment venues, consumers have turned to home entertainment options to satisfy their entertainment needs. This has further accelerated the growth of the Home Entertainment market, as consumers seek out new ways to entertain themselves at home. In conclusion, the Home Entertainment market in Ireland is experiencing significant growth due to changing customer preferences, the adoption of advanced technologies, and the availability of streaming services. The country's strong gaming and entertainment culture, young population, and favorable macroeconomic factors have also contributed to the growth 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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